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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 higher opening on Friday, with stocks poised to extend the upward trend seen over the past few sessions.
The continued upward momentum on Wall Street comes even though the Labor Department released a report showing much weaker than expected job growth in the month of August.
Stocks moved mostly higher during trading on Thursday, adding to the gains posted in the two previous sessions. With the upward move on the day, the tech-heavy Nasdaq reached a new record closing high.
The major averages ended the day firmly in positive territory. The Dow rose 59.92 points or 0.3 percent to 21,952.35, the Nasdaq jumped 60.35 points or 1 percent to 6,428.66 and the S&P 500 climbed 14.02 points or 0.6 percent to 2,471.61.
The strength on Wall Street came following the release of a slew of U.S. economic data, including a Commerce Department report showing a bigger than expected increase in personal income.
The Commerce Department said personal income climbed by 0.4 percent in July after coming in unchanged in June. Economists had expected income to rise by 0.3 percent.
Meanwhile, the report said personal spending rose by 0.3 percent in July after edging up by 0.2 percent in the previous month. Spending had been expected to increase by 0.4 percent.
The Labor Department released a separate report showing first-time claims for U.S. unemployment benefits edged slightly higher in the week ended August 26th.
The report said initial jobless claims inched up to 236,000, an increase of 1,000 from the previous week's revised level of 235,000.
Economists had expected jobless claims to rise to 237,000 from the 234,000 originally reported for the previous week.
MNI Indicators also released a report showing continued growth in Chicago-area business activity in the month of August.
The Chicago business barometer came in at 58.9 in August, unchanged from July. A reading above 50 indicates growth. Economists had expected the barometer to edge down to 58.5.
A separate report from the National Association of Realtors showed an unexpected decrease in pending home sales in the month of July.
NAR said its pending home sales index fell by 0.8 percent to 109.1 in July from a downwardly revised 110.0 in June. Economists had expected pending home sales to rise by 0.5 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Biotechnology stocks showed a substantial move to the upside on the day, driving the NYSE Arca Biotechnology Index up by 2.6 percent. The jump lifted the index to its best closing level in over two years.
Impax Laboratories (IPXL), Newlink Genetics (NLNK), and Cara Therapeutics (CARA) turned in some of the biotech sector's best performances.
Significant strength was also visible among gold stocks, as reflected by the 2 percent gain posted by the NYSE Arca Gold Bugs Index. The strength in the sector came as amid an increase by the price of gold.
Natural gas, healthcare, housing, and internet stocks also saw notable strength, while trucking stocks were among the few groups to buck the uptrend. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Job growth in the U.S. came in well below economist estimates in the month of August, according to a closely watched report released by the Labor Department.
The Labor Department said non-farm payroll employment climbed by 156,000 jobs in August compared to expectations for an increase of about 180,000 jobs.
The report also said the job growth in June and July was downwardly revised to 210,000 jobs and 189,000 jobs, respectively, reflecting a net downward revision of 41,000 jobs.
Reflecting the weaker than expected job growth, the unemployment rate inched up to 4.4 percent in August from 4.3 percent in July. Economists had expected the unemployment rate to remain unchanged.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on activity in the manufacturing sector in the month of August.
The ISM’s purchasing managers index is expected to inch up to 56.5 in August from 56.3 in July, with a reading above 50 indicating growth in the manufacturing sector.
The Commerce Department is also due to release its report on construction spending in the month of July. Construction spending is expected to rise by 0.5 percent.
Additionally, the University of Michigan is scheduled to release its revised report on consumer sentiment in the month of August. The consumer sentiment index is expected to be downwardly revised to 97.4. |
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| | Europe markets | | European stocks have moved higher on Friday as strong Eurozone manufacturing data spurred optimism about the economic recovery and an influential policymaker said he sees little room for an early interest rate hike by the European Central Bank as long as inflation remains low.
While the U.K.’s FTSE 100 Index has risen by 0.4 percent, the German DAX Index and the French CAC 40 Index are both up by 0.8 percent.
Swedish vehicle maker Volvo has soared after the company unveiled ambitious new long-term financial targets. Vivendi shares have also jumped after the French media group topped second quarter profit forecasts and confirmed its 2017 outlook.
German automaker Volkswagen has risen on a Bloomberg report that it plans to expand its U.S. share of the lucrative SUV segment.
On the other hand, pharmaceuticals group Indivior has fallen sharply in London after losing a U.S. patent ruling over its key product, Suboxone Film.
In economic news, final survey data showed euro area manufacturing activity expanded at the fastest pace since 2011 in August, as initially estimated. The corresponding PMI rose to 57.4, in line with the flash estimate and up from 56.6 in July.
The expansion was led by a strong core of Germany, the Netherlands and Austria. Italy, Ireland and France were mid-ranked in the PMI growth table. Only Spain saw its rate of improvement slow during August.
Separately, survey data from IHS Markit showed the U.K. manufacturing sector expanded strongly in August, driven by widespread growth across sectors.
The corresponding PMI unexpectedly rose to a four-month high of 56.9 in August from 55.3 in July. This was the second-highest level in over three years while the expected level was 55.0. |
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks rose broadly on Friday in response to U.S. President Donald Trump's speech on tax reform and positive regional manufacturing data.
Subdued U.S. inflation figures also added to bets that the Federal Reserve will hold off from increasing interest rates again this year.
The focus remained on the all-important U.S. jobs report, with economists expecting the report to show an increase of about 180,000 jobs in August.
Chinese shares rose modestly to cap their third week of gains after a private survey showed Chinese manufacturing activity expanded at the fastest pace in six months in August, buoyed by a surge in export orders and higher prices.
The benchmark Shanghai Composite Index rose 6.49 points or 0.2 percent to 3,367.30, although Hong Kong's Hang Seng Index edged down 17.14 points or 0.1 percent to 27,953.16.
Japanese shares edged higher as the dollar held steady against the yen and the latest survey from Nikkei showed activity in Japan's manufacturing sector expanded at a faster rate in August.
Capital spending figures for the second quarter missed forecasts and a gauge of consumer sentiment weakened more-than-expected in August, taking some shine off the manufacturing data.
The Nikkei 225 Index rose 45.23 points or 0.2 percent to 19,691.47, taking its weekly gain to 1.2 percent. The broader Topix index closed 0.1 percent higher at 1,619.59, led by exporters and technology stocks. Airline ANA Holdings rallied 2.9 percent on fund raising reports.
Australian shares finished modestly higher, driven by gains in the healthcare and material sectors. The benchmark S&P/ASX 200 Index inched up 10.10 points or 0.2 percent to 5,724.60, while the broader All Ordinaries Index closed up 9.80 points or 0.2 percent at 5,786.10.
The latest survey from the Australian Industry Group revealed that Australia's manufacturing sector expanded for the 11th straight month in August.
Copper miner OZ Minerals climbed 2.3 percent to extend Thursday's gains on firmer copper prices. BHP Billiton edged up 0.2 percent after raising the amount it plans to spend under its U.S. bond buyback plan.
Rival Rio Tinto advanced 0.7 percent after completing the sale of its wholly owned subsidiary Coal & Allied Industries Limited to Yancoal Australia.
Gold miners Evolution and Newcrest rose about 2 percent each as gold prices held steady near 9-1/2 month highs. Healthcare stocks such as CSL and ResMed jumped around 2 percent each.
Meanwhile, Commonwealth Bank of Australia shed 0.4 percent after reports of large-scale failures in transaction monitoring across its U.S., Asia and Europe businesses. Goodman Group and GPT Group fell modestly after a report showed house price growth stalled in August. |
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| | Currency and Commodities Markets | | Crude oil futures are edging down $0.10 to $47.13 a barrel after jumping $1.27 to $47.23 a barrel on Thursday. Meanwhile, after rising $8.10 to $1,322.20 an ounce in the previous session, gold futures are climbing $10 to $1,332.20 an ounce.
On the currency front, the U.S. dollar is trading at 109.72 yen compared to the 109.98 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1936 compared to yesterday’s $1.1910. |
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