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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 lackluster opening on Monday following the mixed performance seen in the previous session.
Traders may be reluctant to make significant moves ahead of the Federal Reserve?s monetary policy announcement on Wednesday.
With traders reacting positively to the closely watched monthly jobs report, stocks moved mostly higher during trading on Friday. The upward move on the day lifted the Dow and the S&P 500 to new record closing highs.
The major averages ended the day firmly in positive territory. The Dow climbed 117.68 points or 0.5 percent to 24,329.16, the Nasdaq rose 27.24 points or 0.4 percent to 6,840.08 and the S&P 500 advanced 14.52 points or 0.6 percent to 2,651.50.
Despite the gains on the day, the major averages turned in a mixed performance for the week. While the Nasdaq edged down by 0.1 percent, the Dow and the S&P 500 both rose by 0.4 percent,
The continued advance by stocks came following the release of a report from the Labor Department showing stronger than expected job growth in the month of November.
The report said non-farm payroll employment jumped by 228,000 jobs in November after surging up by a revised 244,000 in October.
Economists had expected employment to climb by 200,000 jobs compared to the addition of 261,000 jobs originally reported for the previous month.
The Labor Department also said the unemployment rate came in at 4.1 percent in November, unchanged from October and in line with economist estimates.
Meanwhile, average hourly employee earnings were up by 2.5 percent year-over-year in November, reflecting an acceleration from 2.4 percent in October but below estimates for 2.7 percent growth.
Positive sentiment was also generated by news that both the House and the Senate passed a stopgap spending bill to avoid a government shutdown.
The legislation extends government funding until December 22nd, giving lawmakers time to negotiate a longer-term spending bill.
On the other hand, the University of Michigan released a report showing an unexpected deterioration in consumer sentiment in the month of December.
The report said the preliminary reading on the consumer sentiment index for December fell to 96.8 from the final November reading of 98.5. Economists had expected the index to inch up to 99.0.
Extending a recent move to the upside, software stocks saw notable strength on the day. The Dow Jones Software Index climbed by 1.3 percent, continuing to rebound after ending Monday's trading at its lowest closing level in over a month.
Industry giants Oracle (ORCL) and Microsoft (MSFT) turned in two of the software sector's best performances, rising by 2.2 percent 2 percent, respectively.
Significant strength was also visible among steel stocks, as reflected by the 1.3 percent gain posted by the NYSE Arca Steel Index. With the upward move, the index reached its best closing level in a month.
The strength among steel stocks may have been partly due to upbeat Chinese trade data generating optimism about the outlook for demand.
Computer hardware, biotechnology and oil service stocks also saw notable strength on the day, while tobacco stocks extended the pullback seen in the previous session.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | U.S. Economic Reports
At 11:30 am ET, the Treasury Department is scheduled to announce the results of its auction of $24 billion worth of three-year notes.
The Treasury Department is also due to announce the results of its auction of $20 billion worth of ten-year notes at 1 pm ET.
The Fed’s interest rate decision is likely to be in focus later this week along with reports on producer and consumer prices, retail sales, and industrial production. |
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| | Europe |
European stocks have held steady near four-week highs on Monday, with U.K. markets outperforming, as the pound held weaker and investors turned their focus on a plethora of central bank meetings scheduled this week.
The FOMC is widely expected to raise policy rates by 25 basis points, while the Bank of England, which hiked rates last month, is hardly in a position to raise rates again when it reviews its monetary policy on Thursday.
Similarly, no change in policy is expected from the European Central Bank and the Swiss National Bank.
The pan-European Stoxx Europe 600 index was marginally higher in late opening deals after rising 0.7 percent on Friday to hit a one-week high.
The German DAX was moving up 0.2 percent and France's CAC 40 index was little changed with a positive bias while the U.K.'s FTSE 100 was rising 0.6 percent.
Italian defense contractor Leonardo rallied 2.4 percent following an upbeat note from Goldman Sachs.
Financials were broadly higher in London, with Standard Chartered, HSBC Holdings and Lloyds Banking Group rising 1-2 percent.
Investec rallied 3.5 percent. The company reassured investors that it is not expecting to suffer any losses on its credit exposures to the Steinhoff Group of companies.
Hurricane Energy shares soared 11 percent after the company unveiled a new competent persons report for the 'Rona Ridge' assets, excluding the Lancaster oil field.
Troubled retailer Steinhoff jumped 8 percent to snap three sessions of heavy losses.
Germany's Siemens advanced nearly 2 percent after Morgan Stanley raised its target on the stock.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed broadly higher on Monday after data showed the U.S. economy created more jobs than expected last month and the U.K. reached a divorce deal with the European Union, setting stage to move on to future trade talks post-Brexit.
Regional gains remained somewhat muted outside China and Hong Kong as investors waited for cues from key policy meetings of the Federal Reserve, Bank of England, the European Central Bank and the Swiss National Bank due this week.
Chinese stocks rallied, led by consumer staple and healthcare companies, after media reports indicated the government is in no hurry to finalize its new asset management rules.
The benchmark Shanghai Composite index jumped 32.20 points or 0.98 percent to 3,322.20 while Hong Kong's Hang Seng index was up 1.1 percent at 28,965 in late trade.
Japanese shares rose for a third straight session to hit a fresh 25-year high as the yen held weaker and a survey showed Japan's business survey index of large manufacturers strengthened again in the fourth quarter.
The Nikkei average rose 127.65 points or 0.56 percent to 22,938.73, the highest closing level since early 1992. The broader Topix index closed 0.53 percent higher at 1,813.34.
Financials led the surge, with Mitsubishi UFJ Financial and Sumitomo Mitsui Financial climbing 1.5 percent and 2.3 percent, respectively.
Obayashi shares plummeted 7.2 percent amid reports the construction firm was being investigated for rigging bids in connection with a ¥9 trillion ($79 billion) maglev train project.
Australian shares ended a choppy session marginally higher, led by gains in mining, energy and financial stocks after the release of better-than-expected U.S. jobs data.
Retail Food Group, owner of the Gloria Jean's, Donut King and Brumby's Bakery brands, slumped 26 percent after reports that the company is driving its franchisees into bankruptcy with a brutal business model.
Seoul stocks reversed early losses to end modestly higher amid buying by institutional investors. The benchmark Kospi gained 7.49 points or 0.30 percent to finish at 2,471.49, with shares of tobacco company KT&G Corp climbing as much as 3 percent.
Carmaker Hyundai Motor plunged 5.4 percent after its labor union said it would stage three or four strikes over five consecutive days.
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| | Commodities |
Crude oil futures are rising $0.29 to $57.65 a barrel after climbing $0.67 to $57.36 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,248.40, down $4.70 from the previous session?s close of $1,248.40. On Friday, gold fell $4.70.
On the currency front, the U.S. dollar is trading at 113.43 yen compared to the 113.48 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1786 compared to last Friday?s $1.1773.
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