Australian Stock Report - Market Pulse

Morning market update: Data miss hits Wall Street

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Publish date: Wed, 01 Oct 2014, 10:50 AM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

US markets ended with small losses overnight after the latest round of economic data fell short of expectations.

A measure of US consumer confidence underwhelmed expectations, matching other data that revealed Chicago-area manufacturing growth weakened more than estimated last month.

In Europe, stocks were generally stronger after a report showed eurozone inflation falling to a multiyear low, boosting the likelihood of further ECB monetary easing.

Oil futures capped off a nightmare quarter with an almost four percent plunge, after data showed OPEC output in September rose to its highest level in nearly two years.

Crude was walloped to the tune of 13% during the quarter, skidding to its weakest level since November 2012 amid a combination of surging global supply and weak energy demand.

Other commodities didn't fare much better, with gold hitting a fresh 2014 low and copper posting its biggest monthly loss since March.

US dollar strength continues to be the theme in currency markets. The greenback enjoyed its best quarter against other major currencies since the height of the GFC six years ago.

The post Morning market update: Data miss hits Wall Street appeared first on Market Pulse.

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