Market News U.S. inflation weakened to the slowest pace in five months in July, holding below the Federal Reserve’s target. Minutes of the Fed’s July 29-30 meeting, when the stimulatorybond-buying program was reduced by $10 billion for a sixth time, are released today and Fed Chair Janet Yellen will speak to global central bankers laterthis week. Apple Inc. (AAPL)’s stock closed at an all-time high, surpassing a 2012 record as investors look ahead to new products such as bigger-screen iPhones and a wristwatch-like device that may jump-start revenue growth. Apple rose 1.4 percent to $100.53 yesterday, topping the split-adjusted record of $100.30 reached on Sept. 19, 2012, just before the iPhone 5 went on sale. The shares have gained 25 percent this year. The U.S. stock market continued its strong start to the week with a broad-based Tuesday rally that sent the S&P 500 higher by 0.5%. Today, the weekly MBA Mortgage Index will be released at 12:00 GMT, while the minutes from the latest FOMCpolicy meeting will cross the wires at 19:00 GMT. Nasdaq Composite +8.4% S&P 500 +7.2% Dow Jones Industrial Average +2.1% The Australian dollar eased slightly further Wednesday after the countrys central bank chief talked the currency down in testimony before parliament, while the Japanese yen weakened on trade figures. The Australian and New Zealand dollars were weaker, with AUD/USD slipping 0.13% to 0.9289 and NZD/USD down0.21% to 0.8399. The dollar extended gains on Wednesday, rising to 11-month highs against a basket of other major currencies after upbeat U.S. housing data on Wednesday indicated that the recovery is gaining traction. In Asian trading, EUR/USD was down 0.12% at 1.3305 fresh nine month lows. The pound was at four-and-a-half month lows, with GBP/USD at 1.6607. Sterling fell sharply on Tuesday after a report showing that the annual rate of inflation in the U.K. slowed to 1.6% in July was seen as diminishing the likelihood that the Bank of England will raise rates this year. The dollar advanced to four-and-a-half month highs against the yen, with USD/JPY rising 0.27% to 103.18, while USD/CHF eased up 0.09% to 0.9099. Gold prices dipped in Asia on Wednesday ahead of the release of the latest Federal Reserve board meeting minutes and on recent upbeat economic data from the U.S. Gold futures for December delivery traded at $1,296.50 a troy ounce, down 0.02%. Crude oil prices gained in Asia early Wednesday with a drop in industry figure for U.S. stocks. Crude oil for delivery in October traded at $92.91 a barrel, up 0.05%, Keep in mind the U.S. Energy Information Administration is set to release its storage data for the week ended Aug. 15 on Wednesday.
Posted on: Wed, 20 Aug 2014 15:13:53 +0000
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