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US Jobless claims positive results however commodities are down
October 17, 2014 7:47 amVideo
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It was another choppy session overnight in the US after Jobless claims in the States came in at 14 year lows which eased the concern of a weakening US economy and further global deflation. The Dow closed 24 points lower at 16117 and the SP500 0.27 points lower at 1862.
The Euro pulled negatively away from the dollar, off this week’s high of £1.28857. Against the Yen the greenback pulled away from a five week low 105 yen seen on Wednesday. Sterling rose to 1.2567 Euros.
Commodities continue to suffer from Global slowdown and a strong dollar. Brent crude was trading above a four month rout at $86 a barrel whereas Nymex is trading around $82 a barrel. London Copper bounced off six-month lows after the U.S. economy showed signs of strength, but lingering global growth concerns kept a recovery in check as markets await China economic data next week. Gold is trading around $1240.
Within the equity space Rolls Royce is currently trading down nearly 9% after the British Engineer warned that it would not return to growth next year, having previously said that it would, as economic conditions have deteriorated and customers were delaying decisions. Interesting news for the retailers has hit the wires after shares in Marks and Spencer and Sainsbury closed up 4% and 3.4% respectively after market talk of a potential merger between the two companies.
Data today sees the release of Canadian CPI, University of Michigan Consumer Sentiment Survey and US Housing Starts all hit the market at 1.30pm.
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