Daily Market Update

Daily Market Update

Daily Market Update World stocks higher; Oil prices decline
Wall Street closed higher Monday as Chinese stimulus and earnings were in focus. Tuesday’s trading has started in positive territory, led by the stronger finish in New York. Asia’s main indexes have closed with gains having set aside other concerns to join the approval of Beijing’s latest move. In Europe earnings have kept the markets in positive territory although the Greek debt issue is never too far from thoughts; the country has ordered state departments to send all cash balances to the treasury to help it stay afloat.
US stock futures are trending higher. Oil is trending lower (Brent $63.02, WTI $56.20 at 5.50am ET). Gold is trending higher.
 
Today’s data
Redbook at 8.55am ET
Baker Hughes, Chipotle and Verizon are among the companies reporting earnings today.
 
Regulator wants banks to settle forex probe next month
The US Justice Department want the forex investigation concluded by the end of May. Banks including JP Morgan Chase and Barclays have been investigated for their alleged involvement in manipulating foreign exchange rates. The regulator wants settlements to be agreed swiftly, including the banks pleading guilty. Analysts are not convinced that the Justice Dept. will be able to conclude all the investigations at once due to some complicated differences between the individual cases.
 
Worst airline for customer service named…and it’s not United
United Airlines topped last year’s survey of airline customer service last year but has lost its dubious accolade this year to a newcomer. Spirit Airlines joins the rankings for the first time at the bottom of the league although it may be due to the airlines low-cost, no-frills model which many passengers are unfamiliar with and view as poor service. At the other end of the scale is JetBlue with a score of 81, Southwest are second with 78. The rankings are part of the ASCI Travel Report.
 
Murdoch Jr is “a giant” says Saudi prince
Saudi Arabia’s Prince Alwaleed bin Talal says that James Murdoch is “a giant” and says he thinks Murdoch Jr is ready to take a bigger role at Twenty-First Century Fox. The prince is a 6 per cent shareholder in Fox and Reuters reports that he, along with a growing band of shareholders, are impressed with James and believe he could soon take the reins from his father.