Daily Market Update

Daily Market Update

Daily Market Update Lower dollar prompts sell-off; Saudi military heads to Yemen
The Dow dropped almost 300 points and the Nasdaq was down 118 Wednesday as the weak dollar prompted a sell-off on Wall Street. Futures are also trending lower. In Asia the poor lead from New York has seen mostly subdued trading Thursday and the major indexes have closed with losses, except Shanghai. The start of military action in Yemen, now involving ten countries including Saudi Arabia, has pushed oil prices higher. European markets have started the day lower.

US stock futures are trending lower. Oil is trending higher (Brent $59.49, WTI $52.14 at 4.20am). Gold is trending higher.
 
Today’s data
Jobless Claims at 8.30am ET
PMI Services Flash at 9.45am ET
Bloomberg Consumers Comfort Index at 9.45am ET
Kansas City Fed Manufacturing Index at 11.00am ET
Fibrogen, Neogen and Reed’s are among the companies reporting earnings today.
 
Oil above $52 as military action begins in Yemen, White House in support
The price of US crude is above $52 this morning as military action in Yemen threatens supplies from the Middle East country.  The White House has confirmed its support of airstrikes from Saudi Arabian forces as rebel Houthi fighters attempt to take control of the country and force its president into exile.
 
Payday lending in the spotlight
A hearing in Virginia will shine a light on the payday loans sector. The Consumer Financial Protection Bureau’s field hearing may result in guidance or possibly regulations for the industry which has been growing since the recession but it often criticized for preying on the poor.
 
Better economy costs jobs of 1000 bank workers
Employees of Wells Fargo in Milwaukee will be losing 1000 colleagues as the better economy has created redundancy in one area of its business. The departments which deal with defaulted loans, foreclosures and other mortgage related issues have fewer cases to deal with now which is good news for the housing market and the economy but clearly bad news for those being laid off.
 
Radio Shack auctioning your details today
If you’ve shopped at Radio Shack your personal information could be included with millions of other customers whose data will be up for auction today. As the firm continues its bankruptcy process it will be selling off records of 117 million customers, however legal challenges have been filed claiming that the promise shown in stores “We do not sell our mailing list” is breached by the move.