Daily Financial Markets Report | Wednesday, 16 July 2014

sacciDaily Financial Markets Report sources information from Business Day, Reuters, JSE Ltd and others.

Highlights

 The U.S. stock market closed lower, dragged down by sharp declines in momentum stocks after the Federal Reserve suggested valuations on biotech and Internet stocks may be stretched. European stock markets retreated on Tuesday, after the seventh straight drop in German investor confidence added to concerns about the country’s economic growth. Asian stocks were dancing between small losses and gains early Wednesday with the Nikkei Stock Average down 0.1%.

 The Top 40 index ended the day 0.42% higher at 46 627 while the All-share added 0.38% to 51 735.

 Spot gold is currently trading at US$ 1296.90oz. and Platinum at US$ 1 486.20/oz. Brent crude oil is currently trading at US$ 106.02 per barrel.

International Markets

The U.S. stock market closed lower, dragged down by sharp declines in momentum stocks after the Federal Reserve suggested valuations on biotech and Internet stocks may be stretched. European stock markets retreated on Tuesday, after the seventh straight drop in German investor confidence added to concerns about the country’s economic growth. Asian stocks were dancing between small losses and gains early Wednesday with the Nikkei Stock Average down 0.1%.

The S&P 500 recovered some of the losses, but closed 3.78 points, or 0.2%, lower at 1,973.32. The Dow Jones Industrial Average ended the day 5.3 points higher at 17,060.75, after setting an intraday record in the morning. The Nasdaq Composite dropped 24.03 points, or 0.5%, to 4,416.39

The Stoxx Europe 600 index fell 0.4% to close at 338.42, breaking a two-day winning streak. Germany’s DAX 30 index fell 0.7% to 9,719.41. France’s CAC 40 index lost 1% to 4,305.31 while the U.K.’s FTSE 100 index dropped 0.5% to 6,710.45.

The Nikkei Stock Average down 0.1% and the Topix up 0.1% after a moderate advance in the previous session. A little-changed yen and a soft lead from the U.S. worked to limit the upside, though trade was likely to remain cautious ahead of a pile of Chinese data due later in the morning, including second-quarter growth and June numbers for industrial output and retail sales

Domestic markets

The Top 40 index ended the day 0.42% higher at 46 627 while the All-share added 0.38% to 51 735.

Commodities

Spot gold is currently trading at US$ 1296.90oz. and Platinum at US$ 1 486.20/oz. Brent crude oil is currently trading at US$ 106.02 per barrel.

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