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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 modestly lower opening on Thursday, with stocks likely to give back ground following the strength seen in the previous session.
A pullback would extend recent choppy trading by the markets, as stocks have been unable to sustain any significant moves for the past month. Nonetheless, traders may remain on the sidelines ahead of the release of the Labor Department’s closely watched monthly employment report on Friday.
After moving lower over the two previous sessions, stocks moved back to the upside during trading on Wednesday. The gains on the day extended the recent back-and-forth trend shown by the markets over the past few weeks.
The major averages pulled back off their best levels going into the close but remained firmly positive. The Dow advanced 112.58 points or 0.6 percent to 18,281.03, the Nasdaq climbed 26.36 points or 0.5 percent to 5,316.02 and the S&P 500 rose 9.24 points or 0.4 percent to 2,159.73.
The strength on Wall Street came following the release of a slew of U.S. economic data, including a report from the Institute for Supply Management showing a substantial acceleration in service sector growth in the month of September.
The ISM said its non-manufacturing index surged up to 57.1 in September from 51.4 in August, with a reading above 50 indicating growth in the service sector. Economists had expected the index to rise to 52.9.
With the much bigger than expected increase, the index rose to its highest level since reaching 58.3 last October.
A separate report from payroll processor ADP said private sector employment rose by 154,000 jobs in September after climbing by a downwardly revised 175,000 in August.
Economists had expected employment to climb by about 170,000 jobs compared to the increase of 177,000 jobs originally reported for the previous month.
The Commerce Department also released a pair of reports showing an unexpectedly wider trade deficit and an unexpected uptick in factory orders in August. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | A day before the release of the closely watched monthly employment report, the Labor Department released a report showing an unexpected drop in first-time claims for U.S. unemployment benefits in the week ended October 1st.
The report said initial jobless claims fell to 249,000, a decrease of 5,000 from the previous week's unrevised level of 254,000. The modest decline came as a surprise to economists, who had expected initial jobless claims to inch up to 256,000.
With the unexpected decrease, jobless claims fell to their lowest level since hitting a more than four decade low in mid-April.
The Treasury Department is due 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 are seeing modest weakness, extending the pullback seen in the previous session. The French CAC 40 Index and the German DAX Index are down by 0.2 percent and 0.3 percent, respectively, although the U.K.’s FTSE 100 Index is just above the unchanged line.
easyJet shares have fallen sharply after the low-cost airline revised down its annual profit forecast, citing adverse exchange rate movements and a testing trading environment.
Medical equipment manufacturing company Smith & Nephew has also come under pressure following a downgrade from analysts at Deutsche Bank.
Meanwhile, Deutsche Bank (DB) moved higher after reports emerged that the German government is pursuing discreet talks to help reach a solution to U.S. claims against the German bank over the sale of toxic mortgage bonds.
On a relatively light day on the economic front, official data showed that German factory orders grew at a faster pace on robust domestic demand in August.
A measure of German construction activity also expanded at the fastest pace in four months in September. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks rose broadly on Thursday, with an overnight rally in oil prices and positive economic data from the U.S. underpinning investor sentiment. However, the gains remained capped ahead of the U.S. jobs report due on Friday.
Japanese shares extended gains for a fourth consecutive session, as the yen hit a one-month low against the dollar on U.S. rate hike expectations.
The Nikkei 225 Index gained 79.86 points or 0.47 percent to finish at 16,899.10, while the broader Topix index closed 0.45 percent higher at 1,353.93.
Exporters Toyota Motor, Mazda and Hitachi posted notable gains after the dollar rallied against the yen. Banks Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui Financial rose about 1 percent each as yields on U.S. and German benchmark bonds eased from two two-week highs.
Fujitsu jumped 5.8 percent on a Nikkei report that Lenovo Group is in talks with the company to merge their personal-computer businesses.
Energy stocks led the Australian market higher after crude oil prices climbed more than 2 percent overnight on data showing a decline in oil stockpiles. Australian Bureau of Statistics figures showing a narrowing trade deficit also offered some support.
The benchmark S&P/ASX 200 Index rose by 30.1 points or 0.55 percent to 5,483 and the broader All Ordinaries Index closed up 27.80 points or 0.50 percent at 5,564.80.
Australian Pharmaceutical Industries rallied 4.8 percent after the company raised its full-year profit outlook. Aged care group Estia Health fell over 3 percent after lowering its full-year earnings guidance.
Meanwhile, the Chinese markets were closed for the National Day holiday, while Hong Kong's Hang Seng index climbed 164.19 points or 0.69 percent to 23,952.50. |
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| | Currency and Commodities Markets | | Crude oil futures for November delivery are rising $0.40 to $50.23 a barrel after jumping $1.14 to $49.83 a barrel on Wednesday. Meanwhile, an ounce of gold for December delivery is trading currently at $1,261.80, down $6.80 from the previous session’s close of $1,268.60. On Wednesday, gold fell $1.10.
On the currency front, the U.S. dollar is trading at 103.88 yen compared to the 103.50 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1180 compared to yesterday’s $1.1205. |
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