Daily Market News: May 8, 2015
May 8, 2015 3:20 pmVideo
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May 8, 2015 – Daily Market News
During the early trading session, Asian stocks traded higher as major governments paused the paused the bond sell off. Over the past week countries, including, UK, Germany and the U.S. turned their focus to return of inflation and thus sparking a rise in bond yields, as they struggled with debt. The Nikkei share average was up 0.45%, closing at 19,379 points. Furthermore, Investors turned to the China stock market following the release of negative data. The Trade Balance for China showed a lower than expected reading of 34.13B. The Hang Seng rose 1.05% and the Shanghai Composite closed 0.73% higher.
During the European session, the Euro traded lower against the stronger Dollar as currency traders looked ahead to the Nonfarm Payrolls and following the release of weak data from Germany. The German Industrial Production and the trade balance both showed worse than expected figures for the month of March. The British pound rallied against the Dollar and reached its highest level in nearly two and a half months following the UK elections. Conservative party leader, Davis Cameron, was re-elected as Prime Minister sending UK markets upward, the FTSE 100 Index also jumped more than 2% as traders showed their relief over the victory.
During early U.S. trade, the American Bureau of Labour Statistics released the highly anticipated Nonfarm Payrolls. The economic report showed that 223,000 more people were employed during the previous month, slightly lower than the expected figure of 224,000. The Dollar briefly weakened against a basket of major currencies, but then showed little change as traders digested the actual figure. The Dollar remains supported as the data was close to analysts expectations including the unemployment rate figure of 5.4%.
Main Events (GMT)
03:10 -CNY- Trade Balance (Apr)
06:45 -CHF- Unemployment Rate s.a. (Apr)
07:00 -EUR- German Industrial Production (MoM) (Mar)
07:00 -EUR- German Trade Balance (Mar)
08:00 -GBP- Halifax House Price Index (YoY) (Apr) (MoM) (Apr)
09:30 -GBP- Trade Balance (Mar)
13:30 -USD- Average Hourly Earnings (MoM) (Apr)
13:30 -USD- Nonfarm Payrolls (Apr)
13:30 -USD- Unemployment Rate (Apr)
13:30 -CAD- Employment Change (Apr)
13:30 -CAD- Unemployment Rate (Apr)
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