Daily Market Update

Daily Market Update

Daily Market Update Mixed finish on Wall St., World markets broadly positive
Yesterday’s mixed end to the day on Wall Street has given markets in Asia a subdued day’s trading however most have closed higher. Japan was the star performer once again with a new 15-year high. Elsewhere mixed results for corporates balanced out most highs and lows. In Europe mining stocks were improved on earnings but media underperformed along with insurance shares. Economic data was positive with Spain’s GDP up 2 per cent year-over-year in the last quarter, German unemployment holding steady and the UK’s economy boosted by 2.7 per cent.

US stock futures are trending higher. Oil is once again mixed with WTI down at $50.72 and Brent up at $62.30 (5.50am ET). Gold is trending higher.
 
Today’s data
Consumer Price Index at 8.30am ET
Durable Goods at 8.30am ET
Jobless Claims at 8.30am ET
FHFA House Price Index at 9.00am ET
Kansas City Fed Manufacturing Index at 11.00am ET
Kohl’s, JC Penney and Gap are among the companies reporting earnings today.
 
Morgan Stanley settles probe with $2.6 billion fine
Morgan Stanley has settled with US regulators over an investigation into the bank’s role in the 2008 financial crisis. It will pay a fine of $2.6 billion in relation to its handling of mortgages and foreclosures. The sizeable fine is small in comparison to that levied on the Bank of America which was also investigated and agreed to pay $16.6 billion.
 
Internet firms to face tougher regulations
New rules will change the way internet firms handle data via their networks. The so called ‘net neutrality’ rules will mean that all operators will have to handle traffic fairly and not offer preferential deals for those who can afford to pay more. After a long period of consultation the FCC is poised to announce its plans today.
 
Spanish firm to buy UIL Holdings and expand in US
Spanish utility firm Iberdrola SA is to buy UIL Holdings for $3 billion and combine it with its existing US business to form a new publicly-listed company. The new entity will focus on growing its US business. With Iberdola’s domestic business under pressure from economic conditions it is willing to pay a premium to expand its business in America.