Comment: Worldwide Climb for Indices, Run-up to Tomorrow’s Non-Farm Payroll Figures
July 2, 2014 7:09 am
European stock markets consolidated gains on Wednesday, with traders pausing for breath following advances for major benchmarks worldwide.
Despite fresh gains in Asia and on Wall Street overnight, market participants seem to be holding back from making bold moves ahead of key economic data such as the ADP jobs report due later. The ADP report is widely viewed as a precursor to the non-farm payrolls report, due Thursday as US markets are closed on Friday for Independence Day.
The Stoxx Europe 600 index rose 0.1% while the FTSE100 in London added 0.2%. On Wall Street Tuesday, the S&P 500 rose 0.7% to a record closing high of 1973, having earlier hit a fresh intraday peak of 1978.58. Overnight, Asian markets hit three-year highs on the bullishness sparked after data on Tuesday showed Chinese factory output was growing. Japan’s Nikkei 225 is up 0.6% while the Shanghai Composite added 0.7%, the Hang Seng in Hong Kong was up 1% and Australia’s S&P/ASX 200 climbed 1.2%. In currency markets, the pound is flat at $1.7150 but still near the six-year high of $1.7166 it reached on Thursday. Against the euro, the pound is up 0.1% at EUR1.2541. The Euro fell to $1.3670 from $1.3678 against the Dollar, but rose slightly against the yen to Y138.90 from Y138.87.
In oil markets, the geopolitical tensions continue to prop up prices with Nymex crude futures for delivery in August trading up 0.1% at $105.35 a barrel while August Brent crude on London’s ICE Futures exchange gained $0.02 to $112.31 a barrel. While actual Iraqi oil exports have not been affected, the threat of further unrest in the country remains a weight on sentiment, particularly as the new parliament there has thus far failed to make progress in counteracting Islamist insurgents.
Looking ahead, all eyes are on economic data to offer some firm direction to markets – today’s ADP National Employment Report is expected to show nonfarm payrolls in the US rose by 205,000 in June after gaining 179,000 in May, according to Bloomberg. In Europe, we have Euro Zone producer prices data which will be eagerly watched ahead of Thursday’s policy meeting by the European Central Bank.
European stock markets consolidated gains on Wednesday, with traders pausing for breath following advances for major benchmarks worldwide.
Despite fresh gains in Asia and on Wall Street overnight, market participants seem to be holding back from making bold moves ahead of key economic data such as the ADP jobs report due later. The ADP report is widely viewed as a precursor to the non-farm payrolls report, due Thursday as US markets are closed on Friday for Independence Day.
The Stoxx Europe 600 index rose 0.1% while the FTSE100 in London added 0.2%. On Wall Street Tuesday, the S&P 500 rose 0.7% to a record closing high of 1973, having earlier hit a fresh intraday peak of 1978.58. Overnight, Asian markets hit three-year highs on the bullishness sparked after data on Tuesday showed Chinese factory output was growing. Japan’s Nikkei 225 is up 0.6% while the Shanghai Composite added 0.7%, the Hang Seng in Hong Kong was up 1% and Australia’s S&P/ASX 200 climbed 1.2%. In currency markets, the pound is flat at $1.7150 but still near the six-year high of $1.7166 it reached on Thursday. Against the euro, the pound is up 0.1% at EUR1.2541. The Euro fell to
$1.3670 from $1.3678 against the Dollar, but rose slightly against the yen to Y138.90 from Y138.87.
In oil markets, the geopolitical tensions continue to prop up prices with Nymex crude futures for delivery in August trading up 0.1% at $105.35 a barrel while August Brent crude on London’s ICE Futures exchange gained $0.02 to $112.31 a barrel. While actual Iraqi oil exports have not been affected, the threat of further unrest in the country remains a weight on sentiment, particularly as the new parliament there has thus far failed to make progress in counteracting Islamist insurgents.
Looking ahead, all eyes are on economic data to offer some firm direction to markets – today’s ADP National Employment Report is expected to show nonfarm payrolls in the US rose by 205,000 in June after gaining 179,000 in May, according to Bloomberg. In Europe, we have Euro Zone producer prices data which will be eagerly watched ahead of Thursday’s policy meeting by the European Central Bank.
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