US Stocks fell on Monday with investors casting one eye to the start of earnings season which kicks off with Alcoa, the US based miner tomorrow. The DOW fell 17 points to close at 16991 whilst the S&P 500 lost 3 points to close at 1964. On Monday, the dollar had shed 0.9% versus the yen - its biggest one-day drop since early April - and backed away from a six-year high of 110.09 yen set last week. Underscoring the U.S. dollars firm tone on Tuesday, the euro slipped 0.3% to $1.2620 EUR, giving back some of the gains made on Monday when the euro rose 1.1%. The euro has pulled up from a two-year low of $1.2500 set on Friday. Also in focus is the Aussie Dollar which touched a low of $0.8727 after the RBAs post-meeting statement. It later pared some of its losses and was last down 0.2% on the day at $0.8748. In the commodities space the dollars overnight weakness helped bolster recently slumping crude prices. Brent edged down about 0.2% on the day to $92.62 a barrel whereas Gold eased about 0.2%to $1,204.84 an ounce. In a volatile session on Monday, it marked its biggest one-day gain in two months, after first bumping to a 15-month low. Staying within Commodities, global miner Rio Tinto rejected a merger approach from smaller rival Glencore Plc to create a $160 billion mining and trading giant in August just as the price of its most profitable product, iron ore, slid toward a five-year low. The share price of the two mining giants made gains in Tuesdays morning’s session up 5% and 0.2% respectively. Also within Equities, shareholders of BSkyB overwhelmingly approved the purchase of Sky Deutschland and Sky Italia from Twenty-First Century Fox with the FTSE listed stock down 0.1% on the day Tuesdays session will see the release of the Bank of Englands (BoE) credit conditions survey, data on industrial output and gross domestic product (GDP) estimates. The report on UK industrial production is forecast to show a 2.6% increase in August while another is expected to reveal UK manufacturing output gained 3.4% the same month.
Posted on: Tue, 07 Oct 2014 11:03:20 +0000
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