Daily Market Update

Daily Market Update

Daily Market Update Global growth slows, oil price declines, can the Fed lift the mood?
After losses over the last couple of days there’s a subdued mood to the markets with further warnings of a slowing global economy and oil prices still below $50. A report from JP Morgan shows global weakness in both manufacturing and services which will only increase the glut of oil supplies and drive prices lower. ANZ Bank has said that it expects US shale producers to be the first to cut production but not until the summer. Despite the negatives, Asian and European markets have seen better results today. All of the major Asian indexes except India have closed higher. European shares are also mostly positive, although a meeting on EU policy between the UK and German premiers may result in some discord. Markets are looking to the Federal Reserve again for more optimistic outlooks; FOMC minutes are released this afternoon. US stock futures are trending higher; oil and gold are slightly lower.
 
Today’s data
MBA Purchase Applications at 7.00am ET
ADP Employment Report at 8.30am ET
Gallup US Job Creation Index at 8.30am ET
International Trade at 8.30am ET
EIA Petroleum Report at 10.30am ET
FOMC Minutes at 2.00pm ET
Supervalu and WD-40 are among those reporting earnings today.
 
Verizon CEO denies AOL takeover rumors
Verizon won’t be taking over AOL anytime soon, despite the recent rumors. Lowell McAdam said yesterday that while Verizon may view AOL as a potential commercial partner it is “really not accurate” to say that they are in significant acquisition discussions. In fact McAdam ruled out plans for any major acquisitions in the near future.
 
Intel plans to hire more women
Tech firm Intel has unveiled some of its latest developments at the Consumer Electronics Show in Vegas and pledged to hire more female staff. Chief executive Brian Krzanich revealed a line of new wearable technology that Intel plans to bring to market as it expands beyond making computer chips. Wearables are growing in demand and experts believe they will eventually replace smartphones as the mobile tech of choice. Intel is also in the ‘drones’ space and unveiled its latest model. In a vast arena of amazing tech one of Intel’s biggest reveals was its five-year, $300 million commitment to programs to help women and minorities join the industry.
 
Manhattan apartment average prices hit record high
The average price for an apartment in Manhattan has reached a new record high according to new data. The report from Douglas Elliman and Miller Samuel Real Estate Appraisers shows that the average price hit $1.72 million last year and $1.74 million for the last quarter. High demand continues to push prices higher due to low supply, although sales volumes are lower.
 
1 million to lose food stamps as economy improves
Round 1 million Americans will lose their food stamp benefits from this fall according to a left-leaning think tank. The scheme was originally designed to help low income families during unemployment and was capped at three months but this was relaxed in most states during the recession. The improving economy means that the three month cap will be adhered to once more. The Center on Budget and Policy Priorities is urging the federal government to change to rules.