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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 roughly flat opening on Thursday as traders continue to digest OPEC’s decision to curtail oil output. Traders may be reluctant to make significant moves as they continue to observe the fallout from news OPEC plans to reduce oil production by about 1.2 million barrels to 32.5 million barrels a day.
The agreement marks the first time since 2008 that OPEC has agreed to curtail production and comes as a supply glut has weighed on prices. Oil prices spiked higher in response to the news on Wednesday and are seeing further upside this morning.
Traders may also stick to the sidelines ahead of the release of the Labor Department’s closely watched monthly jobs report on Friday. Employment is expected to increase by 170,000 jobs in November after climbing by 161,000 jobs in October, while the unemployment rate is expected to hold at 4.9 percent.
Stocks saw some volatility over the course of the trading session on Wednesday as traders reacted to news of OPEC’s agreement to cut oil production.
While the Dow reached a record intraday high early in the session, the index pulled back near the unchanged as the day progressed before closing up just 1.98 points or less than a tenth of a percent at 19,123.58.
The S&P 500 also reached a record intraday high but turned lower and ended the day down 5.85 points or 0.3 percent at 2,198.81. The tech-heavy Nasdaq slid more firmly into negative territory, slumping 56.24 points or 1.1 percent to 5,323.68.
The volatility on the day came amid a substantial increase by the price of crude oil, which shot up on news of OPEC’s agreement to cut production.
OPEC ministers revealed the cartel has agreed to reduce production by about 1.2 million barrels to 32.5 million barrels a day. The agreement marks the first time since 2008 that OPEC has agreed to curtail production and comes as a supply glut has weighed on prices.
On the U.S. economic front, payroll processor ADP released a report before the start of trading showing stronger than expected private sector job growth in November.
ADP said private sector employment jumped by 216,000 jobs in November following a downwardly revised increase of 119,000 jobs in October.
Economists had expected employment to climb by about 160,000 jobs compared to the addition of 147,000 jobs originally reported for the previous month.
A separate report from the Commerce Department showed that personal income rose by more than expected in October, although the report also said personal spending increased less than anticipated.
The National Association of Realtors also released a report showing a slight uptick in pending home sales in October. NAR said its pending home sales index inched up by 0.1 percent.
Late in the day, the Federal Reserve’s Beige Book said the economy continued to expand across most regions from early October through mid-November.
Benefiting from the sharp increase by the price of crude oil, energy stocks showed a substantial move to the upside on the day. Reflecting the strength in the energy sector, the Philadelphia Oil Service Index soared by 9.4 percent, the NYSE Arc Natural Gas Index shot up by 6.2 percent and the NYSE Arca Oil & Gas Index jumped by 5.5 percent.
Significant strength was also visible among banking stocks, as reflected by the 2 percent gain posted by the Dow Jones Banks Index. With the gain, the index reached an eight-year closing high.
On the other hand, utilities stocks came under considerable selling pressure, dragging the Dow Jones Utilities Average down by 3.3 percent. The weakness in the sector may have reflected concerns about higher interest rates.
Biotechnology stocks also moved sharply lower on the day, resulting in a 2.8 percent drop by the NYSE Arca Biotechnology Index. Gold, housing, telecom, and software stocks also saw notable weakness. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Labor Department released a report showing that first-time claims for U.S. unemployment benefits climbed to a five-month high in the week ended November 26th.
The report said initial jobless claims rose to 268,000, an increase of 17,000 from the previous week's unrevised level of 251,000. Economists had expected jobless claims to inch up to 253,000.
With the much bigger than expected increase, jobless claims reached their highest level since hitting 270,000 in the week ended June 25th.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on national manufacturing activity in the month of November.
The ISM’s manufacturing index is expected to inch up to 52.3 in November from 51.9 in October, with a reading above 50 indicating growth in manufacturing activity.
The Commerce Department is also scheduled to release its report on construction spending in the month of October at 10 am ET. Construction spending is expected to climb by 0.6 percent in October after dipping by 0.4 percent in September. |
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| | European Markets | | The major European markets have moved to the downside on the day. While the French CAC 40 Index has fallen by 0.5 percent, the German DAX Index and the U.K.’s FTSE 100 Index are down by 1 percent and 1.1 percent, respectively.
TalkTalk shares have slumped after JP Morgan downgraded its rating on the stock. Healthcare company Elekta has also come under pressure after releasing its interim earnings report.
Commodity trader Glencore has turned lower after seeing initial strength on news the company plans to reinstate its dividend next year after completing an asset sale and reducing its debt.
Meanwhile, shares of Daily Mail & General Trust have moved higher after the publisher behind the Brexit-backing tabloid reported higher a pretax profit for the year.
In economic news, final data from IHS Markit showed Eurozone manufacturing activity expanded at the fastest pace in 34 months in November. The final Purchasing Managers' Index rose to 53.7 in November from 53.5 in October. The score was unchanged from the flash estimate.
A separate report from Eurostat said Eurozone unemployment rate declined to the lowest in more than seven years in October, reflecting strong momentum in the labor market despite weak economic growth. The jobless rate dropped to 9.8 percent in October from a revised 9.9 percent in September.
U.K. house prices grew 4.4 percent year-on-year in November, slower than the 4.6 percent increase seen in October, the Nationwide Building Society said. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks rose across the board on Thursday, with a rally in oil prices and encouraging Chinese data boosting investor sentiment. Energy stocks rallied across the region after oil prices climbed more than 9 percent overnight on news of OPEC's agreement to cut oil production for the first time in eight years.
China's Shanghai Composite Index rose 23.27 points or 0.72 percent to 3,273.31 as two separate manufacturing surveys provided further evidence of a strengthening economy. Hong Kong's Hang Seng Index rose 88.46 points or 0.4 percent to 22,878.23.
China's official manufacturing PMI stood at 51.7 in November, up from 51.2 in October and indicating expansion for the fourth straight month. The latest reading marks the highest level seen since July of 2014.
While the non-manufacturing PMI rose to 54.7 from 54 in October, the Caixin manufacturing PMI fell to 50.9 from 51.2 in October but remained out of contractionary territory.
Japanese shares rallied as oil prices soared and the dollar climbed to a 9-1/2-month high versus the yen. The Nikkei 225 Index jumped 204.64 points or 1.12 percent to 18,513.12, the highest level since last December. The broader Topix index closed 0.9 percent higher at 1,483.27. Energy stocks led the rally, with Inpex, JX Holdings and Japan Petroleum rising 7-12 percent.
The U.S. dollar traded in the lower 114 yen-range after encouraging U.S. private payrolls, personal income and spending, pending home sales and the Beige Book reports bolstered the case for gradual policy tightening.
Closer home, the latest survey from Nikkei revealed that activity in Japan's manufacturing sector continued to expand in November, although at a slightly slower pace. Another report from the Ministry of Finance showed that capital spending in Japan fell by 1.3 percent sequentially in the third quarter of 2016.
Australian shares rose sharply amid across-the-board buying. The benchmark S&P/ASX 200 Index climbed 59.70 points or 1.10 percent to 5,500.20, snapping a three-session losing streak. The broader All Ordinaries Index closed 58 points or 1.05 percent higher at 5,560.40 despite mixed reports on Australian manufacturing and capital spending.
Agricultural chemicals supplier Nufarm soared 5.7 percent after saying it is confident of solid earnings growth this year. Engineering group Downer EDI jumped 7.2 percent on winning a $1.7 billion contract to deliver the next generation of trains for Sydney. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $1.15 to $50.59 a barrel after spiking $4.21 to $49.44 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,169.30, down $1.50 from the previous session’s close of $1,173.90. On Wednesday, gold edged fell $16.90.
On the currency front, the U.S. dollar is trading at 114.32 yen compared to the 114.46 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0631 compared to yesterday’s $1.0589. |
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