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Mixed data sees equity markets lower

Published: Tue 7 Jan 2014 12:17 PM
Mixed data sees equity markets lower
By Tracey Warren (Stockbroking BDM, CMC Markets Stockbroking)
Mixed economic data kicked off the first full week of trade for the US which saw stocks lower in modest volumes. With a climatic rally to sign off 2013, overbought conditions saw the S 500 chalk up a fourth straight month of gains in December. Stumbling out of the gates in 2014, the index has fallen more than one percent in January thus far, to close at 1,826.77 overnight. The Dow Jones Industrial Average also felt some pressure ending the session down 44.89 points at 16,425.10.
Disappointing Chinese data saw the Australian dollar come under some short-lived pressure in the local session suffering a brief fall back to .8935 against the Greenback. China’s service sector growth slowed in December with the HSBC PMI index falling sharply to 50.9 - its lowest read since August 2011.
A modest economic recovery is still the case for the US as weaker than expected US service sector growth numbers saw the EUR and the Yen gain against the Greenback. Factory orders for November painted a rosier picture increasing 1.8 percent on the month.
Shipping delays out of Libya saw oil prices lower with Brent crude futures ending a fifth straight session lower. Spot gold closed marginally higher at US 1241.40 an ounce. The precious metal has rallied three percent in 2014.
Today domestically, International Trade figures will be released for November. Tonight will see Trade balance figures for the US and Canada along with CPI flash estimate figures for the Eurozone. The focus however, will remain on US non-farm employment figures due on Friday.
ends

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