Daily Market Update

Daily Market Update

Daily Market Update Markets concern over US growth
Wall Street’s main indexes closed lower Wednesday as bond markets and weaker-than-expected retail data caused concern among investors. Only the Nasdaq avoided ending in negative territory but even that was flat. The data has pushed the dollar to a three-month low which has boosted Australian and Japanese currencies and led to losses on their main stock indexes. However elsewhere Asian markets closed higher Thursday although sentiment in the region is subdued with economic growth in China still dragging. European markets have started the session lower as investors weigh weakness in the US economy.

US stock futures are trending higher. Oil is trending mixed (Brent higher at $67.02, WTI lower at $60.40 at 6am ET). Gold is trending lower.
 
Today’s data
Jobless claims at 8.30am ET
PPI-FD at 8.30am ET
Bloomberg consumer comfort at 9.45am ET
EIA natural gas report at 10.30am ET
Fed balance sheet at 4.30pm ET
Money supply at 4.30pm ET
Kohl’s, Nordstrom and El Pollo Loco are among the companies reporting results today.
 
Wal-Mart takes a swipe at Amazon Prime
Wal-Mart is to trial an unlimited shopping service aimed as a rival to Amazon Prime. The service will be launched this summer to a selection of invited customers and with limited product lines. The service will be priced at $50 a year, undercutting Amazon’s $99 service.
 
Uber hires Google exec
It’s reported that Uber has hired Rachel Whetstone from Google. Whetstone will be the ride-share firm’s SVP of policy and communications having held a similar role at Google. The Verge reports that she will replace David Plouffe, the former advisor to President Obama who joined last year.
 
Christie’s shows the big bucks in art
Christie’s has sold $1.5 billion of art in just three days reports CNN. The auction house started the week by selling a Picasso for $179.4 million, the most ever paid for a painting at auction. It followed it up with another record-breaker; a sculpture by Alberto Giacometti which sold for $141.3 million. The firm has held nine auctions so far this week with more today and Friday so the $1.54 billion already sold is set to soar by the end of the week.
 
Investors expect a correction says Reuters poll
A poll of investors conducted by Reuters reveals that 57 per cent expect a correction in the stock market. The survey shows that the outlook is for a 10 to 12 per cent drop in equities in developed markets in the near future.