Daily Market Roundup: US ? March 17

Daily Market Roundup: US ? March 17

By: Ben Myers | Where To Trade | On:17-03-2015 09:25
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Key Highlights

  • GOLD dived below the all-important $1150 level and looks nervous ahead of critical releases in the US this week.

  • Canadian Manufacturing Shipment released by the Statistics Canada posted a decline of 1.7% in January 2015, compared to the preceding month.

  • US Housing Starts released by the US Census Bureau, at the Department of Commerce registered a reading of 0.897M in February 2015, compared to the forecast of 1.049M.

  • US Building permits came in at 1.092M in February 2015, which is above to the forecast of 1.065M.

Key Releases:

Canadian Manufacturing Shipment (Canadian Dollar)

US housing starts (US Dollar)

US building permits (US Dollar)

Canadian Manufacturing Shipments

Earlier during the NY session, the Canadian Manufacturing Shipment was released by the Statistics Canada. The forecast was slated for a decline of 1.2% in February 2015, compared to the preceding month. However, the Canadian Manufacturing Shipment posted a decline of 1.7%, compared to the last revised gain of 1.6%. The report stated that there was a decline of 11.9% in sales of petroleum and coal products. Moreover, the sales of machinery, chemicals and primary metals were also major contributors to the decline in manufacturing sales. When we exclude the petroleum and coal products, then the manufacturing sales was down by around 0.5%. As per the report, the sales were down in 14 of 21 industries.

US Building Permits

There was a release in the US as well, as the Housing Starts report i.e. an indicator that tracks how many new single-family homes or buildings were constructed was released by the US Census Bureau, at the Department of Commerce. The forecast was slated for a reading of 1.049M in February 2015, compared to the preceding month. However, the outcome was lower when compared to the forecast. The US privately-owned housing starts in were at a seasonally adjusted annual rate of 897K in February 2015.

Furthermore, the Building permits were reported on the higher side when compared to the last reading of 1.065M it came in at 1.092M in February 2015. The report stated that this was around 3% more than the revised January rate of 1,060K and up by 7.7% compared to February 2014.

Market Reaction

Futures for the Dow Jones Industrial Average traded was under pressure during NY and traded lower by around 160 points to 17,818, and the S&P 500 index dropped by 10 points to 2,070. NASDAQ was also lower to 4,917.

GOLD was crushed, as prices fell below $1150 before trading back higher.

Ben Myers

Ben Myers

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Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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