US markets ended fifth-straight session lower

16 Jan 2015 Evaluate

The US markets closed lower on Thursday, extending the losing streak to five straight sessions after the Swiss National Bank stunned global markets by cutting its currency cap with the euro. The unexpected move to ditch its currency ceiling and implement a rate cut by the central bank shook up currency, commodity and equity markets around the world, as the move created uncertainty among investors, who have grown accustomed to rely on central banks to prop up markets. On the economy front, the number of people who applied for unemployment benefits in the first week of January shot up to the highest level in four months. So-called initial claims are prone to sudden swings after the holiday season, so it’s unclear if the increase reflects any deterioration in what’s been a rapidly improving US labor market. Initial jobless claims climbed 19,000 to 316,000 in the seven days ended January 10. In the same week a year earlier, claims totaled 329,000. The sharp increase in claims marked their highest level since early September. The Philadelphia Fed’s manufacturing index slowed to a reading of 6.3 in January, below the 24.3 in December. The sub-component for new orders fell to 8.5 from 13.6, and the shipments index tumbled to negative 6.9 from positive 15.1, the first negative reading since February.

On the other hand, the Empire State manufacturing index bounced back into positive territory in January, rising to 10 from negative 1.2 in December. The survey of manufacturers by the New York Fed also showed upward moves in new orders and shipments. US producer prices posted the biggest decline in December in more than three years, as tumbling gas prices are reducing inflationary pressure throughout the US economy. The producer price index fell a seasonally adjusted 0.3% last month. The annual pace of wholesale inflation, meanwhile, slowed to 1.1% in December after rising as high as 2.1% last April. In 2014, producer inflation also rose 1.1% overall after a meager 1.2% increase in 2013. Meanwhile, a measure of core inflation that excludes food, energy and trade edged up 0.1% in December.

The Dow Jones Industrial Average declined by 106.38 points or 0.61 percent, to 17,320.71, the Nasdaq Composite was down 68.50 points or 1.48 percent at 4,570.82 while S&P 500 shed 18.60 points or 0.92 percent, to close at 1,992.67.

Indian ADRs closed mostly in green on Thursday; Tata Motors was up 1.53%, Dr. Reddy’s Lab was up 0.94%, ICICI Bank was up by 0.79% and Infosys was up by 0.28%. On the other hand, Wipro was down by 0.17%.

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