Market Update
- London Session - September 3, 2010 8:16 AM
- Fri, 03 Sep 2010 12:16:35 GMT - Currency markets are relatively quiet as traders are on the sidelines ahead of the key US employment report. The usual safe havens, the Swiss franc, Japanese yen and US dollar softened slightly as the rally in risk continued overnight. Asian stock markets extending gains and the Nikkei 225 advanced for the third straight session with a gain of +0.57%. European markets are trading mostly positive as of now. The main focus today is on the August employment report and specifically what the private payroll change will be (government Census related layoffs are expected to be about 115K). While the market is anticipating a loss of -105K jobs on the headline number, private payrolls are expected to show an increase of 40K. It appears that the risks are to the upside. Full text »
del.icio.us | Technorati | Stumble It! - Asia Session - September 3, 2010 1:07 AM
- Fri, 03 Sep 2010 05:07:20 GMT - With US employment data looming in the not so far future as well as the three day weekend in the US, markets were calm and collected in range bound trading to end the week in Asia. Better than anticipated US unemployment data, (472K vs. 476K) and pending home sales data, (+5.2% vs. -1.3%) helped to boost risk and keep stocks lofted for the second day in a row. This mood carried over to Asia where stocks had modest gains, and risk remained level in a session that was almost sleep inducing as is the case ahead of big US data releases. Tomorrow’s Non Farm Payroll data is forecast to come in at -101K jobs lost, down from last month’s -131K lost. The unemployment rate is projected to increase from 9.5% to 9.6% as well. Full text »
del.icio.us | Technorati | Stumble It! - New York Session - September 2, 2010 4:08 PM
- Thu, 02 Sep 2010 20:08:47 GMT - Risk continued to advance as U.S. stock markets extended yesterday’s gains, however the dollar traded relatively flat. This morning saw initial jobless claims decrease to 472K from the prior week’s 478K which was slightly better than the expectations of a 475K print. 2Q final nonfarm productivity softened to -1.8% from the prior -0.9% and July factor orders were released at +0.1% from the prior -0.6%. Pending home sales for July surprised to the upside with a rise of +5.2% from the previous month’s -2.8% (cons. -1.0%). On balance, the mix of economic data was viewed as a positive for risk. The reaction was somewhat muted however as investors await tomorrows employment report. Full text »
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