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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 Thursday, with stocks poised to extend the pullback seen in the previous session. The futures have moved to the downside amid remarks by European Central Bank president Mario Draghi. While Draghi announced an extension of the ECB’s asset purchase program, traders seem disappointed the bank did not go further.
After initially showing a lack of direction, stocks saw considerable weakness over the course of the trading day on Wednesday. The pullback on the day came on the heels of the rally seen on Tuesday, which lifted the Nasdaq to a four-month closing high.
The major averages closed firmly in negative territory, not far off their worst levels of the day. The Dow slid 158.67 points or 0.9 percent to 17,729.68, the Nasdaq fell 33.08 points or 0.6 percent to 5,123.22 and the S&P 500 tumbled 23.12 points or 1.1 percent to 2,079.51.
The weakness that emerged on Wall Street was partly due to a sharp drop by the price of crude oil, which closed below $40 a barrel for the first time since August.
The steep drop by the price of crude oil came after the Energy Information Administration said U.S. crude oil inventories increased by about 1.2 million barrels in the week ended November 27th.
Concerns about the outlook for monetary policy also weighed on the markets, as Federal Reserve Chair Janet Yellen delivered remarks that seemed to signify the central bank remains on track to raise interest rates later this month.
In a speech to the Economic Club of Washington, Yellen stopped short of explicitly saying the Fed will hike rates but acknowledged the conditions for tightening are on the verge of being met.
On the economic front, payroll processor ADP released a report before the start of trading showing that employment in the private sector increased by more than expected in November.
ADP said private sector employment jumped by 217,000 jobs in November after climbing by an upwardly revised 196,000 jobs in October. Economists had expected an increase of about 190,000 jobs.
A separate report from the Labor Department showed that labor productivity increased by more than initially estimated in the third quarter.
The Fed also released its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts. The Beige Book said the districts indicated that economic activity increased at a modest pace in most regions of the country since the previous report.
Most of the major sectors moved to the downside on the day, reflecting broad based selling pressure on Wall Street. Substantial weakness was visible among energy stocks, which moved sharply lower along with the price of crude oil.
Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index plunged by 4 percent, while the Philadelphia Oil Service Index and the NYSE Arca Oil & Gas Index slumped by 3.2 percent and 2.6 percent, respectively.
Trucking stocks also showed a steep drop, dragging the Dow Jones Trucking Index down by 3.4 percent. Railroad, gold and utilities stocks also saw considerable weakness on the day, while oil-sensitive airline stocks were among the few groups to buck the downtrend. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | A day ahead of the closely watched monthly jobs report, the Labor Department released a report showing that first-time claims for U.S. unemployment benefits rose in line with estimates in the week ended November 28th.
The Labor Department said initial jobless claims climbed to 269,000, an increase of 9,000 from the previous week's unrevised level of 260,000. Economists had expected claims to rise to 269,000.
At 10 am ET, Federal Reserve Chair Janet Yellen is scheduled to testify before the Congressional Joint Economic Committee. The tone of Yellen’s testimony is expected to be similar to her remarks on Wednesday.
The Institute for Supply Management is also scheduled to release its report on service sector activity in the month of November at 10 am ET.
Economists expect the ISM’s non-manufacturing index to dip to 58.2 in November from 59.1 in October, although a reading above 50 would indicate continued growth in the service sector.
Around the same time, the Commerce Department is due to release its report on October factory orders. Orders are expected to climb by 1.4 percent after falling by 1.0 percent in September.
The Treasury Department is also scheduled to announce the details of next week’s auctions of three-year and ten-year notes and thirty-year bonds at 11 am ET. |
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| | European Markets | | European stocks have come under pressure on the day as traders digest the interest rate cut by the European Central Bank as well as remarks by ECB President Mario Draghi.
The German DAX Index has plunged by 3.6 percent, while the French CAC 40 Index is down by 2.8 percent and U.K.’s FTSE 100 Index is down by 1.1 percent.
The ECB cut its deposit rate by 10 basis points to a new low of negative 0.3 percent, while Draghi said the central bank will extend its asset purchase program to at least March 2017.
On the economic front, eurozone retail sales dropped unexpectedly in October due to a decrease in food sales, data from Eurostat revealed. Retail sales fell 0.1 percent in October, the same rate of decline as seen in September. Sales were expected to grow 0.2 percent.
Eurozone private sector growth accelerated at a slightly slower than initially estimated pace in November, final data from Markit showed. The final composite output index for November came in at 54.2, below the flash estimate of 54.4 but above 53.9 in October. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Stocks markets across the Asia-Pacific region turned in another mixed performance on Thursday. The choppy trading came as traders reacted to a rebound by the price of crude oil while also looking ahead to key events overseas.
Japanese stocks saw modest weakness for much of the session but recovered going into the close to end the day roughly flat. The Nikkei 225 Index inched up 1.77 points or 0.01 percent to 19,939.90.
Market heavyweight Fast Retailing came under pressure after the company reported a decline in same-store sales at its Uniqlo brand shops in November.
The Australian market opened lower following the weak lead overnight from Wall Street and the steep drop in commodity prices. The All Ordinaries Index climbed off its worst levels but still closed down 28.00 points or 0.53 percent at 5,276.70.
Hong Kong’s Hang Seng Index also fell 62.68 points or 0.28 percent to 22,417.01, while China’s Shanghai Composite Index surged up 47.92 points or 1.35 percent to 3,584.82.
In economic news, the Australian Bureau of Statistics said Australia had a merchandise trade deficit of A$3.305 billion in October. The deficit compared to expectations for a shortfall of A$2.60 billion and was wider than the A$2.403 billion deficit in September.
Exports were down 3.0 percent during the month to A$26.59 billion, while imports were roughly flat at A$29.90 billion.
The service sector in Australia contracted at a faster pace in November, the latest survey from the Australian Industry Group revealed. The service PMI came in at 48.2, down from 48.9 in October and further beneath the boom-or-bust line of 50 that separates expansion from contraction. |
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| | Currency and Commodities Markets | | Crude oil futures are rebounding $0.77 to $40.71 a barrel after tumbling $1.91 to $39.94 a barrel in the previous session. Gold futures, which fell $9.70 to $1,053.80 an ounce on Wednesday, are climbing $2.60 to $1,056.40 an ounce.
Among currencies, the U.S. dollar is trading at 122.96 yen compared to the 123.24 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0865 compared to yesterday’s $1.0615. |
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