Daily Market Review – July 28, 2016

Stocks and Indices

Wall Street had a mixed Wednesday after the Federal Reserve released a neutral earnings report. The Dow Jones industrial average declined 1.58 points, or 0.01%, while the S&P 500 slumped 2.6 points, or 0.12%. Meanwhile, the Nasdaq climbed 29.76 points, or 0.58%.

European markets edged higher on Wednesday, with the pan-European STOXX 600 up 0.43%. London’s FTSE index rose 0.4%, while France’s CAC index climbed 1.1%.

In Asia, markets closed mostly lower on Thursday as investors awaited the results of the Bank of Japan’s policy meeting. The Japanese Nikkei 225 tumbled 187.98 points, or 1.13%, while the Topix slumped 14.67 points, or 1.11%. In South Korea, the Kospi slid 3.95 points, or 0.2%. Hong Kong’s Hang Seng index declined 0.33%. In mainland China, the Shanghai composite inched up 2.97 points, or 0.1%, while the Shenzhen composite dipped 2.99 points, or 0.15%.  


Gold gained on Wednesday, following the Federal Reserve’s decision to leave interest rates unchanged. Gold for December delivery on the Comex division of the New York Mercantile Exchange hit a peak of $1,348.70 per troy ounce. Silver futures also advanced, with Silver for September rising 46.0 cents, or 2.3%.

Oil prices continued their bullish week on Thursday, as the global glut showed no sign of abating. Crude prices were mixed but continued to hover near 3-month lows, with Brent crude sliding 10 cents to $43.37 per barrel by 0845 GMT. U.S. light crude inched up 5 cents to $41.97.


The Chinese yuan hit a 3-week high against the U.S. dollar after the Federal Reserve failed to give indication that an interest rate hike was on the horizon. The yuan advanced 0.18% to 6.6579 to the dollar by 4:46 in Shanghai.

The U.S. dollar fell to an almost 2-month low on Thursday, following the Federal Reserve’s July meeting. The greenback slumped 0.7% against six major currency peers, including the yen, which climbed 0.8% to 104.58.

Global News

As Turkey’s post-coup crackdown continues, Turkish authorities have announced that almost 1,700 members of the armed forces were discharged. The government also announced the closure of more than 130 media outlets, including 3 news agencies, 23 radio stations, 15 magazines, 45 papers, 16 TV channels, and 29 publishers. Additionally, 50 journalists have been detained for having alleged ideological ties to Fethullah Gulen, an enemy of President Erdogan.

Gauri van Gulik, Amnesty International’s deputy director for Europe, said: “By rounding up journalists, the government is failing to make a distinction between criminal acts and legitimate criticism.”

*Featured image courtesy of Repina Valeriya/Shutterstock.