Daily Market Update

Daily Market Update

Daily Market Update Europe higher, Asia mixed; Oil reverses its decline
World markets are showing some disparity Tuesday with Europe in positive mood and Asia not so much. Wall Street ended the previous session with gains as investors continued to bet on whether the Fed is likely to go earlier or later with interest rate hikes based on recent data. Earnings season is also bringing mixed fortunes so far. In Asia the Australian central bank cut its interest rate to 2 per cent, the second such move this year. The announcement came with an upbeat tone hinting that no further stimulus would be needed for now. Reports of tighter restrictions on margin financing saw Shanghai’s index close lower. Some other markets including Tokyo are closed for public holidays. European markets have been trading higher with Greece still in focus. London’s FTSE was open again after a holiday Monday and is higher partly on bank earnings.

US stock futures are trending slightly lower. Oil is trending higher (Brent $66.84, WTI $56.34 at 5.55am ET). Gold is trending lower.
 
Today’s data
International trade at 8.30am ET
PMI services index at 9.45am ET
ISM non-manufacturing index at 10am ET
Disney, Kelloggs and Papa Johns are among the companies reporting earnings today.
 
Pharma sector boosted by larger spend on cancer drugs
Spending on cancer drugs has hit a new high reaching $100 billion in 2014. The figure, a 10 per cent rise on the previous year, has been revealed in a new report from IMS Institute for Healthcare Informatics. The researchers expect a growth in spending of 6 per cent in the next few years. Early diagnosis of cancer and a large increase in new drugs coming to market are key elements of the growing sales.
 
Millionaires under pressure revealed in new report
Millionaires may be the envy of many but it’s not all rosy in the world of the wealthy. A new report from UBS shows that millionaires are concerned about a stock market crash and feel under pressure to maintain their lifestyles. The study shows that 52 per cent of millionaires feel “stuck on a treadmill” unable to stop without compromising their family lifestyle and 58 per cent said the more they have the more they want.