Friday’s Non- farm Payroll figure disappointed the market as it came out below expectations. The U.S. economy added 209,000 jobs during the month of July. This was still slightly positive as it was the sixth month that jobs increased by over 200,000 but missed the forecast. The unemployment rate also went slightly higher, edging up to 6.2%. Following the results, U.S. stocks dropped further, the S&P 500 closed 0.29% lower and the Dow Jones closed 0.42% lower. Asian markets were mixed today. The Nikkei declined 0.31% as the Dollar increased against the Yen, trading at ¥102.53. The Hang Seng gained 0.28% as banks strengthened. European markets are higher today as investors are anticipating a policy meeting for the European Central Bank later in the week. Currently, the CAC 40 is up 0.51% while London’s FTSE 100 is up 0.44% and Germany’s DAX is up 0.11%.
WTI Crude declined to a 6 month low following a fire at Coffeyville refinery. The fire reduced demand and the refinery may remain closed for 4 weeks. Operations were already reduced prior to this as inventories have been increasing recently. This has been bearish for oil in the face of lower demand. Gold is trading slightly above a 6 week low. Gains came following the NFP data which was worse than expected, leading to speculation that interest rates will not be raised sooner. However, gains were limited as the shine of the metal seems to have worn off. Today is a quiet day for data so we may not see any significant movement.
August 4, 2014 – Daily Market News
Friday’s Non- farm Payroll figure disappointed the market as it came out below expectations. The U.S. economy added 209,000 jobs during the month of July. This was still slightly positive as it was the sixth month that jobs increased by over 200,000 but missed the forecast. The unemployment rate also went slightly higher, edging up to 6.2%. Following the results, U.S. stocks dropped further, the S&P 500 closed 0.29% lower and the Dow Jones closed 0.42% lower. Asian markets were mixed today. The Nikkei declined 0.31% as the Dollar increased against the Yen, trading at ¥102.53. The Hang Seng gained 0.28% as banks strengthened. European markets are higher today as investors are anticipating a policy meeting for the European Central Bank later in the week. Currently, the CAC 40 is up 0.51% while London’s FTSE 100 is up 0.44% and Germany’s DAX is up 0.11%.
WTI Crude declined to a 6 month low following a fire at Coffeyville refinery. The fire reduced demand and the refinery may remain closed for 4 weeks. Operations were already reduced prior to this as inventories have been increasing recently. This has been bearish for oil in the face of lower demand. Gold is trading slightly above a 6 week low. Gains came following the NFP data which was worse than expected, leading to speculation that interest rates will not be raised sooner. However, gains were limited as the shine of the metal seems to have worn off. Today is a quiet day for data so we may not see any significant movement.
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