December 12, 2013 - Daily Market News
Hot Assets: USD, EUR
U.S. lawmakers have been active in the budget talks and discuss cuts to avoid another government shutdown . An agreement was announced in Congress late Tuesday , but was ignored important differences between the parties . As it has been made a deal could it be more likely that the Fed would begin tapering faster. U.S. stocks closed lower with the S & P 500 down 1.13 % and the Dow Jones down 0.81 % . Asian stocks followed and also fell with the Nikkei closes 1.12 % lower. Hang Seng fell 0.51 % , as investors are waiting to see if there are policy changes or economic growth targets imposed on China's central economic work conference . European stocks opened in negative numbers and operators should watch Draghi 's speech at 8:00 GMT and the ECB Monthly Report 09:00 GMT .
WTI fell from its 6-week high after a rise in petrol and diesel inventories. This increase offset the decline in crude oil stocks which otherwise would have sent the price upwards. There is also speculation that the company may be cutting their inventories for tax purposes, as we at the end of the year. Gold edged slightly lower as physical demand weakened. The U.S. dollar strengthened after the U.S. budget deal was agreed. Investors should focus on the outcome of next week 's Fed meeting , but should also see U.S. data released later in the day , including retail sales and jobless claims , both at 13:30 GMT .
Today's main events :
08:00 GMT : EUR - ECB President Draghi speaks - Mario Draghi (born 3 September 1947 ) is an Italian banker and economist who has been governor of the Bank of Italy and succeeded Jean-Claude Trichet as President of the European Central Bank started in November 2011 . As head of the ECB , which controls short term interest rates , he has more influence on the EUR value than any other person.
09:00 GMT : EUR - ECB Monthly Report - The European Central Bank (ECB) monthly report contains the statistical data that policymakers evaluate when setting interest rates. The report also provides a detailed analysis of current and future economic conditions from the bank's perspective.
10:00 GMT : EUR - Industrial Production - measures the change in the total inflation-adjusted value of production by manufacturers , mines, and utilities.
13:30 GMT : USD - Retail Sales ( MoM ) - measures the change in the total value of inflation-adjusted sales at the retail level . It is the biggest indicator of consumer spending , which accounts for the majority of overall economic activity
13:30 GMT : USD - Jobless Claims - measures the number of individuals who filed for unemployment insurance for the first time in the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.
