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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a lower opening on Friday, with sentiment reflecting weakness following the release of the U.S. non-farm payrolls report for August, which showed robust job gains. Although the August job gains were a touch softer than expected, the hefty upward revisions to the previous months' revisions more than offset the negativity. The unemployment report also fell more than expected. The dollar has firmed up in reaction to the report. The healthy report should aggravate concerns about an imminent rate hike.
U.S. stocks ended Thursday's session mixed amid apprehension ahead of Friday's non-farm payrolls report. The major averages opened higher following the release of separate reports showing higher than expected jobless claims but a narrower than expected trade deficit. The averages saw further upside in reaction to a fairly positive service sector reading. After reaching the day's high in early afternoon trading, the averages gave back most of their gains by late trading. Thereafter, the averages went about a volatile ride before closing mixed.
The Dow Industrials ended up 23.38 points or 0.14 percent at 16,375 and the S&P 500 Index closed 2.27 points or 0.12 percent higher at 1,951, while the Nasdaq Composite fell 16.48 points or 0.35 percent before closing at 4,734.
Twenty-one of the thirty Dow components closed higher, while the remaining nine stocks retreated. IBM (IBM), Intel (INTC) and Visa (V) advanced strongly, while Apple (AAPL) and Caterpillar (CAT) came under selling pressure.
Among the sectors, biotechnology stocks lost ground in the session, while oil service and housing stocks moved to the upside.
On the economic front, the results of the Institute for Supply Management's service sector survey showed that service sector activity growth slowed less than expected in August. The service sector PMI fell to 59 in August from 60.3 in July, while economists expected a reading of 58.5. Notwithstanding a modest drop, the new orders index remained robust at 63.4 and the order backlogs index rose 2.5 points to 56.5. The employment index edged down but remained strong at 56.
A Commerce Department report showed that the trade deficit for July narrowed to $41.9 billion from a revised $45.2 billion in June. Economists had expected the trade deficit to have narrowed to $42 billion from the originally reported deficit of $43.8 billion for June. Imports fell $2.5 billion or 1.1 percent month-over-month to $230.4 billion, while exports rose $0.8 billion or 0.4 percent to $188.5 billion. The goods deficit narrowed to $61.4 billion, and the services surplus remained little changed at $19.6 billion.
The Labor Department reported that jobless claims for the week ended August 29th rose by 12,000 to 282,000 from a revised reading of 271,000 for the previous week. The consensus estimate called for an increase in claims to 273,000 from the initially reported reading of 271,000 for the previous week. The four-week average rose to 275,500 from 272,250. Meanwhile, continuing claims calculated with a week's lag edged down to 2.257 million in the week ended August 22nd from 2.266 million in the week ended August 15th.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
The Labor Department reported that non-farm payrolls expanded by 173,000 in August following an upward revised gain of 245,000 jobs in July. Economists expected payroll gains of 220,000 compared to the initially reported gains of 215,000 for July. June's payroll growth was also upwardly revised.
The private sector added 140,000 jobs, with service providing sector adding 164,000 jobs, while the goods producing sector lost 24,000 jobs. The unemployment rate edged down by 0.2 percentage points to 5.1 percent.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | |
VeriFone (PAY) reported better than expected fourth quarter results but issued weak guidance for the fourth quarter and the full year.
Cooper Companies (COO) reported better than expected third quarter earnings, while its sales missed expectations. The company's fourth quarter guidance was lackluster and it lowered its 2015 sales guidance and tightened its adjusted earnings per share guidance.
UTi Worldwide (UTIW) reported a wider loss and below consensus revenues for its second quarter. The company also said it does not expect the macroeconomic headwinds to abate in the second half of the year.
Gap (GPS) reported that comparable store sales for August declined 2 percent month-over-month and net sales fell 3 percent. |
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| | European Markets |
European stocks are also retreating sharply after yesterday's strong gains in the wake of the European Central Bank decision.
On the economic front, a report released by the German Federal Statistical Office showed that factory orders fell 1.4 percent month-over-month in July, the steepest drop in 6 months. Economists expected a more modest 0.6 percent drop.
The results of a survey by Markit showed that construction activity in Germany expanded at a slower pace, with the pace approaching stagnation. The construction PMI eased to 50.3 in August from 50.6 in July.
Data released by the SMMT showed that car registrations in the U.K. rose 9.6 percent year-over-year in August.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
The major Asian markets retreated amid nervousness ahead of the U.S. jobs report. The Australian market bucked the downtrend with a modest gain, while the Chinese market remained closed for the second straight session.
The Japanese market fell sharply, as the yen appreciated amid a rise in risk aversion. After a higher open, the Nikkei 225 Index moved lower, dipping below the unchanged in early trading. After moving roughly sideways, the average fell sharply in the afternoon. The average recouped some of its losses in late trading yet closed down 390.23 points or 2.15 percent at 17,792.
A majority of stocks declined in the session, led by exporters. Meanwhile, some construction and paper stocks gained ground.
Hong Kong's Hang Seng Index ended at 20,841, down 94.33 points or 0.45 percent.
Meanwhile, Australia's All Ordinaries Index moved about in a volatile manner throughout the session before ending up 12.10 points or 0.24 percent at 5,061. IT, telecom and material stocks recorded strong gains, while financial and energy stocks came under selling pressure.
On the economic front, a report released by the Japanese Ministry of Health, Labor and Welfare reported that regular pay in Japan rose 0.6 percent year-over-year in July, marking the biggest increase since November 2005. Overtime pay and bonuses & special pay were up 0.6 percent and 0.3 percent, respectively.
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| | Currency and Commodities Markets |
Crude oil futures are rising $0.02 to $46.77 a barrel after advancing $0.50 to $46.75 barrel on Thursday. An ounce of gold is currently trading at $1,122.70, down $1.80 from the previous session's close of $1,124.50. On Thursday, gold fell $9.10.
On the currency front, the U.S. dollar is trading at 119.58 yen compared to the 120.07 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1091 compared to yesterday's $1.1123
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