Daily Market Update

Daily Market Update

Daily Market Update US stocks rebound on Fed news, World markets positive
Yesterday’s announcement by the Fed which omitted the word ‘patient’ from talk of interest rate rises, while remaining dovish, has had a number of effects both here and around the world. US markets closed higher yesterday as the dollar weakened; the Dow was up 227 points. In Asia most major indexes closed higher Thursday following the strong lead from Wall Street and reacting to the Fed news. However in Japan where exports have benefitted from a weak yen, the market has closed lower as the yen strengthened against the greenback. In Europe, the tone of the Fed’s message was taken positively and markets are trading higher so far.

US stock futures are trending lower. Oil is trending lower (Brent $55.49, WTI $43.23 at 5.55am ET). Gold is trending higher.
 
Today’s data
Jobless Claims at 8.30am ET
Current Account at 8.30am ET
Bloomberg Consumer Comfort Index at 9.55am ET
Philadelphia Fed Business Outlook at 10.00am ET
Envivio, New York & Co and Urban Barns Food are among those reporting results today.
 
OPEC says it has ‘no choice’ on cutting production
Oil prices declined again in early trading Thursday as the Kuwaiti oil minister said his country and the other OPEC members cannot cut production as they would risk losing market share. However he said that any agreement with countries outside OPEC would make the group “very happy” signalling that they would be willing to enter into a global cut in production.
 
Target counts the cost of data breach; $10 million
The potential cost of a data breach is painfully clear to retailer Target, which was the victim of a cyber attack in 2013 with at least 40 million customers’ accounts compromised. The firm has announced a settlement plan which involves a fund of $10 million being set aside for those whose data was breached. Claimants who can prove that they have suffered actual harm from the breach will be eligible to up to $10,000. The settlement will go before a Minnesota judge today.
 
Gates, Bloomberg help take on the tobacco giants
The Bill and Melinda Gates Foundation and Bloomberg Philanthropies have together pledged $4 million to help poorer countries fend off legal challenges from the tobacco industry. With many countries choosing to curb the proliferation of smoking with legislation the tobacco companies are trying to protect their market with legal action. However the Gates and Bloomberg cash will allow poorer countries access to litigation funds.