Here’s today’s ‘Just A Minute’ bringing you a 60 second summary what’s happening in the markets today:
Main Trading Events Of The Day: USD Core Retail Sales m/m & Retail Sales m/m @ 13.30 GMT
Earnings Reports: AIG: Earnings per share forecast: 95 cents. Release: Close of U.S. markets today.
WHAT WE’RE WATCHING TODAY
Dollar Falls Before U.S. Retail Sales & Jobless Claims
The dollar headed for its biggest drop in more than a week versus the yen before today’s reports which are forecast to show that U.S. retail sales stalled. Winter weather probably took a bite out of January’s retail sales, while jobless claims data may also be affected. U.S. retail sales stagnated in January, according to economists, following a 0.2 percent gain the month before. Retail sales is one of the important data points economists are watching to see if weather is impacting the economy, or if it’s slowing down for other reasons. However, the report is likely to be inconclusive. Economists expect to see a 0.1 percent decline in headline retail sales. The number comes as another winter storm heads up the east coast, an event that could also impact on the next jobs report since this is the survey week for the February employment report. The last two jobs numbers were particularly poor, and even new Federal Reserve Chair Janet Yellen has said the weather may be to blame. She pointed out, however, that it is too soon to jump to conclusions during her first Congressional testimony as Fed chair on Tuesday. Yellen believes that the economy is in a sustainable economic recovery. As yet, recent weak employment reports haven’t been enough to sway the Federal Reserve from reducing the pace of its monthly stimulus program.
Commodities Rise to 2014 High But Analysts Remain Bearish
Commodities climbed to the highest since December as extreme weather fuelled supply concerns for crops and energy at a time of rising imports by China. Analysts believe this year’s gains will be short-lived. The driest January since 1954 seared crops in Brazil, the top sugar and coffee grower, while freezing weather across the U.S. damaged winter wheat and cut energy stockpiles as heating demand rose. China’s imports surged 10 percent in January, driven by crude oil, iron ore and record shipments of copper, customs data show, hence Chinese data is more bullish for the world economy. Overall though, whilst the cold weather in the United States, Asia and even Europe has recently boosted momentum, analysts don’t think prices can hold up once temperatures start to rise.
Google’s Glass Begins Trials With Virgin Atlantic As It Becomes World’s No. 2 Most Valuable Firm
Virgin Atlantic has just begun a six-week trial that will equip its staff at London’s Heathrow Airport with the eyewear gadgets in an effort to shuttle first and business class passengers more quickly through the airport and into a separate wing at Terminal 3 reserved for high-end travellers. The wireless eyeglass computers may allow Virgin Atlantic and other airlines to better collate data they have on their best customers and create a more personal, concierge-like service, in a similar way to the personal efforts most luxury hotels and resorts undertake for regular guests. Virgin may expand the use of Google Glass across its network, depending on the outcome of the London test. Meanwhile, Google has raced ahead of Exxon Mobil as the world’s No. 2 most valuable company, and is fast narrowing the gap on No. 1 Apple. The ability to collect lucrative data from its users and sell them to advertisers is turning Google into a money machine few companies can match. Google’s market value is now $389.6 pulling past Exxon Mobil at $389.3 billion.
That sums up Thursday’s highlights! Don’t forget to keep in touch with us throughout the day for updates via Facebook, Twitter, Google+ and our ‘must watch’ Ahead Of The Week videos. We hope you have a profitable day on the markets!
