Good Morning Traders,
US - Market Report
The economy and jobs will be front and center this week -- whether investors like it or not.
The agenda is heavy on economic reports and culminates with the release on Friday of the government's monthly jobs report.
CNNMoney's survey of economists forecasts that the U.S. economy created 178,000 jobs in May, down from 244,000 jobs a month earlier. The unemployment rate is expected to tick down to 8.9% from 9%.
While always closely watched, this report will be especially critical.
Stocks are on pace to have their worst month in a year after several pieces of economic data came up short of expectations.
Weekly claims on jobless benefits, a real-time indicator of the labor market, have remained stubbornly above 400,000 for seven weeks. Meanwhile other measures of the health of the economy, such as pending home sales and gross domestic product, have also been disappointing.
GDP report: Economic growth still weak
"It looks like the foot is coming off the economic accelerator," said Fred Dickson, chief investment strategist with D.A. Davidson & Co.
Several market observers said they expect that stocks will continue to decline heading into the summer, particularly as investors prepare for the end of the Federal Reserve's quantitative easing program in June.
Other closely-watched data out this week will be the Institute for Supply Management's manufacturing and service sector reports and the Commerce Department's factory orders report.
U.S. stock and bond markets are closed on Monday in observance of Memorial Day.
US - Market Focus in the US this evening
Will the Chicago PMI add to other regional business reports that are pointing to a May slowdown?
[Sources used: bloomberg.com / nasdaq.com / cnnmoney.com]
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The DJIA Index finished the last trading session: Up 38.82 points; and
The SPI Futures are currently: Up 14 points atm.
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Of note in the US this evening:- Bank of Canada Announcement [
Market moving indicator]
- Consumer Confidence [
- S&P Case-Shiller HPI [
Merits extra attention]
- Chicago PMI [
...AND...
Of note in Australia today:- Private Sector Credit (MoM) (YoY) (Apr) [
[The Private Sector Credit released by the Reserve Bank of Australia is an amount of money that the Australian private sector borrows. It shows if the private sector can afford large expenses, which can fuel economic growth. It is considered as an indicator of business conditions and the overall economic condition in Australia. Generally, a high reading is seen as positive (or Bullish) for the AUD, whereas a low reading is seen as negative.]- Current Account Balance (Q1) [
[The Current Account Balance released by the Australian Bureau of Statistics is a net flow of current transactions, including goods, services, and interest payments into and out of Australia. A current account surplus indicates that the flow of capital into Australia exceeds the capital reduction. A high reading is seen as positive (or Bullish) for the AUD, whereas a low reading is seen as negative (or Bearish).]- Building Permits (MoM) (YoY) (Apr)
[The Building Permits released by the Australian Bureau of Statistics shows the number of permits for new construction projects. It implies the movement of corporate investments (the Australian economic development). It tends to cause some volatility to the AUD. The more growing number of permits, the more positive (or bullish) for the AUD.]
...AND...
Of note elsewhere today/this evening:- Switzerland - UBS Consumption Indicator (Apr) [
- Japan - Annualized Housing Starts (Apr) [
- Japan - Housing Starts (YoY) (Apr) [
- Switzerland - Gross Domestic Product (QoQ) (YoY) (Q1) [
- Germany - Retail Sales (MoM) (YoY) (Apr) [
- Germany - Unemployment Rate s.a. (May) & Unemployment Change (May) [
- European Monetary Union - Unemployment Rate (Apr) [
- European Monetary Union - Consumer Price Index (YoY) (Apr) [
- New Zealand - Terms of Trade Index (Q1) [
[Sources used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]
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Gold is currently trading Down $1.10c atm and is sitting at US$1,538.00/oz;
Oil (Nymex Crude) is currently trading Down $0.23c atm and is sitting at US$100.36/bbl atm
The Dollar: The AUD is currently trading @ $1.0718c against the US Dollar
[Sources used: kitco.com; bloomberg.com; nasdaq.com & fxstreet.com]
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Have a great day trading today all.
Cheers, Tweets
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daytrades may 31 morning ...
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