Light Day of Data Leaves Market Focus on Geopolitical Risk

July 21, 2014

There’s continuing momentum to impose harsher economic sanctions on Russia over the downing of Malaysian Airlines Flight 17 in Ukraine.

Israel’s ground invasion of Gaza intensified over the weekend.

The dollar is unchanged against the euro, yuan and sterling.  It has dipped 0.1% against the yen, Swissie and kiwi but risen by 0.5% versus the loonie and 0.2% relative to the Australian dollar.

Share prices were mixed in the Pacific Rim, gaining 0.8% in Indonesia and 0.4% in Taiwan and New Zealand but dropping 0.3% in Hong Kong and 0.1% in South Korea.  In European markets, equities have so far declined today by 0.0% in Italy, 0.6% in Germany, 0.4% in Spain, and 0.3% in France and Britain.

The 10-year British gilt yield rose two basis points, while its German counterpart held steady.

WTI crude oil also has been steady at $103.14 per barrel, whereas Comex gold is trading 0.3% higher at $1,315.40 per ounce.

Japan’s market was closed today for Marine Day.

In no month of the first half of 2014 did German producer prices rise.  Such were unchanged in June and 0.7% below their year-earlier level.  Energy prices were unchanged on month and 2.4% lower on year.  All other producer prices were also unchanged on month and 0.1% softer on year.

Italian industrial orders dropped 2.1% on month and 2.5% on year in May. 

Swiss M3 money growth slowed to a 12-month 4.0% increase in June from 8.1% in May.

The British Rightmove house price index fell 0.8% in July, decelerating in on-year terms to 6.5% from 7.7%.

The Greek current account deficit of EUR 246 million in May was only a fifth the size of April’s deficit.

Dutch house price inflation accelerated to 2.2% in June from 1.4% in May.

The only U.S. data release today will be the Chicago Fed National Activity Index.

Copyright 2014, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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