Daily Market Update

Daily Market Update

Daily Market Update Wall Street closes lower Tuesday; World markets higher Wednesday
New York’s main stock market indexes closed lower Tuesday although recovered from an earlier dip following a sell-off in the bonds market. The Nasdaq ended unchanged. Asian markets have had a mixed Wednesday session with Beijing falling late in the day as industrial output data showed continued weakness. Australia advanced again to end on a one week-high. Sentiment is high in Europe so far Wednesday with corporate earnings and higher oil prices boosting markets. GDP data showed the Eurozone grew by 0.4 per cent in the first quarter of 2015, below forecasts. France grew better while Germany was weaker than expected. Greek debt is still weighing heavily and new figures show the country is back in recession.

US stock futures are trending higher. Oil is trending higher (Brent $67.34, WTI $61.34 at 6am ET). Gold is trending higher.
 
Today’s data
MBA mortgage applications at 7am ET
Retail sales at 8.30am ET
Import and export prices at 8.30am ET
Business inventories at 10am ET
EIA petroleum status at 10.30am ET
JC Penney, Ralph Lauren and Royale Energy are among the companies reporting earnings today.
 
Verizon buys AOL for $4.4 billion
Mobile video and targeted advertising are expansion goals for Verizon which announced its $4.4 billion acquisition of AOL. The deal will give Verizon some popular online properties including The Huffington Post and TechCrunch. The firm has 100 million mobile customers and controlling more content makes sense with the growth in mobile advertising.
 
More debt for college students
College students are increasing their levels of debt as state funding for higher education fails to keep pace with growing economies. The Center on Budget and Policy Priorities released a report Wednesday that students, colleges and universities are taking on more debt in the latest financial year and in the 2013 year 59 per cent of students had student loans after a 4 year course; in 2008 it was 55 per cent. The average loan was 16 per cent higher.
 
Banks criticized over fairness of fees
Banks are not always fair and transparent about their fees according to a new study by the Pew Institute. The report shows that there has been little or no improvement in the level of “harmful” fees for overdrafts and account terms over the last few years. However there has been an improvement in the disclosure of the fees.