Daily Market Update

Daily Market Update

Daily Market Update Wall St. ends lower on weaker dollar, Asian markets mixed on slow China growth
Wall Street closed lower Monday as the weaker dollar took its toll. Oil was also in decline again as concern of oversupply rises with a likely deal on nuclear ambitions set to being Iran’s supplies back to the market. Tuesday’s trading in Asia has been mixed with a flash PMI from HSBC showing continued weakness in China. By the close though, Shanghai was one of a handful of indexes that ended with gains. In Europe a war of words between Greece and Germany over debt has created a cautious mood although as talks resume today most indexes are higher.

US stock futures are trending higher. Oil is trending higher (Brent $56.36, WTI $47.78 at 5.40am ET). Gold is trending higher.
 
Today’s data
Consumer Price Index at 8.30am ET
FHFA House Price Index at 9.00am ET
PMI Manufacturing Index Flash at 9.45am ET
New Home Sales at 10.00am ET
Richmond Fed Manufacturing Index at 10.00am ET
Biosolar, Genvec and Razor Resources are among the companies reporting earnings today.
 
Fed’s Williams hints at rate rise
The president of the Federal Reserve in San Francisco says that it may be appropriate to talk about a rise in interest rates by mid-year. Speaking yesterday John Williams said that he believes that rates should be increased gradually rather than a sharp hike and that “calls for starting a bit earlier.” Williams is eligible to vote on policy this year.
 
Where’s the best state to retire in?
A new poll by Bankrate has revealed the state that is the best to retire in. All 50 states were included in the calculation, which took in to consideration the weather, cost of living, health care, crime, taxes and general well-being. Wyoming tops the list followed by Colorado, Utah, Idaho, Virginia, Iowa, Montana, South Dakota, Arizona and Nebraska.
 
Saudi oil output close to record high
Oil prices continue to be volatile as Saudi Arabia says its output is nearing an all-time high. Energy consultancy FGE predicts a supply glut of 2 million barrels a day from next month through June. Last week stocks of US crude rose three times higher than expected and are forecast to again to higher when the latest figures are released this week.