SamTrader1
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Equities
A gentle rise in Chinese PMI data helped boost Asian markets, pushing the Nikkei back over 9000 to 9061, up 1.2%. Australia’s ASX 200 rose .3%, while the Kospi rose fractionally. In China, the Shanghai Composite slid .4%, on concerns of further fiscal tightening, while the Hang Seng rose .3%, after rising more than 1.4% in the morning.
In Europe, the major indexes closed mixed. The FTSE rose .5% to 5419, while the DAX dropped .9% to 5731. ECB chairman, Trichet, said it is extremely important that Italy balance its budget, and stick to the pledges made last month.
US market fell more than 1%, ending a 4-day winning streak. The Dow dropped 120 points to 11494, the Nasdaq sank 1.3% and the S&P 500 fell 1.2%. Financial shares led the declines, with Goldman Sachs down 3.5%, Bank of America off 3.2%, and Citigroup shedding 3.4%.
Dow Surrenders Early Gains in Afternoon Selloff
GM shares tumbled 4.2%, as auto sales rose less than expected. Macy’s rose 2.1% on solid chain store sales data, while TJX dropped 3% after missing analyst sales estimates.
Treasuries and Commodities
Bonds rallied as equities fell. The 10-year benchmark rose 26/32 to yield 2.13%, and 30-year notes jumped 1 28/32 to yield 3.5%.
Energy traded mixed, with crude oil rose .20 to 89.01, while natural gas slipped .4% to 4.036.
Metals declined, led by copper which fell 1.4% to 4.1465. Gold eased .2% to 1828.40, and silver slid .4% to 41.60.
In agricultural futures, wheat plunged 3.9%, and soybeans dropped 1.6%.
Currencies
The Swiss Franc surged for a second day, soaring 1.6% to .7940. The Euro fell .8% to 1.4272 and the Pound declined .5% to 1.6181, while the Australian Dollar rose .5% to 1.0746.
Economic Outlook
Thursday’s economic data was mostly positive. ISM manufacturing PMI exceeded analyst expectations, although the figure was slightly lower than last month’s reading. Weekly unemployment claims were in line with estimates, dropping to 409K from last week’s 421K. Construction spending was an exception, dropping 1.3% after last month’s 1.6% jump.
Friday’s focus will be the pivotal non-farm payroll report. Analysts are looking for a gain of 74K jobs, although on Thursday, Goldman Sachs cut their forecast to just 25K. The unemployment rate is expected to remain at 9.1%.
Binary Options Trading analysis written by Bradley Welcher
To read the Weekly fundamental analysis click here
Equities
A gentle rise in Chinese PMI data helped boost Asian markets, pushing the Nikkei back over 9000 to 9061, up 1.2%. Australia’s ASX 200 rose .3%, while the Kospi rose fractionally. In China, the Shanghai Composite slid .4%, on concerns of further fiscal tightening, while the Hang Seng rose .3%, after rising more than 1.4% in the morning.
In Europe, the major indexes closed mixed. The FTSE rose .5% to 5419, while the DAX dropped .9% to 5731. ECB chairman, Trichet, said it is extremely important that Italy balance its budget, and stick to the pledges made last month.
US market fell more than 1%, ending a 4-day winning streak. The Dow dropped 120 points to 11494, the Nasdaq sank 1.3% and the S&P 500 fell 1.2%. Financial shares led the declines, with Goldman Sachs down 3.5%, Bank of America off 3.2%, and Citigroup shedding 3.4%.
Dow Surrenders Early Gains in Afternoon Selloff
GM shares tumbled 4.2%, as auto sales rose less than expected. Macy’s rose 2.1% on solid chain store sales data, while TJX dropped 3% after missing analyst sales estimates.
Treasuries and Commodities
Bonds rallied as equities fell. The 10-year benchmark rose 26/32 to yield 2.13%, and 30-year notes jumped 1 28/32 to yield 3.5%.
Energy traded mixed, with crude oil rose .20 to 89.01, while natural gas slipped .4% to 4.036.
Metals declined, led by copper which fell 1.4% to 4.1465. Gold eased .2% to 1828.40, and silver slid .4% to 41.60.
In agricultural futures, wheat plunged 3.9%, and soybeans dropped 1.6%.
Currencies
The Swiss Franc surged for a second day, soaring 1.6% to .7940. The Euro fell .8% to 1.4272 and the Pound declined .5% to 1.6181, while the Australian Dollar rose .5% to 1.0746.
Economic Outlook
Thursday’s economic data was mostly positive. ISM manufacturing PMI exceeded analyst expectations, although the figure was slightly lower than last month’s reading. Weekly unemployment claims were in line with estimates, dropping to 409K from last week’s 421K. Construction spending was an exception, dropping 1.3% after last month’s 1.6% jump.
Friday’s focus will be the pivotal non-farm payroll report. Analysts are looking for a gain of 74K jobs, although on Thursday, Goldman Sachs cut their forecast to just 25K. The unemployment rate is expected to remain at 9.1%.
Binary Options Trading analysis written by Bradley Welcher