daytrade diaries... august 6 part 2

Originally posted by highlandlad ↑

Stocks dropped in the US on Wednesday as investors became cautious in the wake of some weaker-than-expected economic reports. The retreat reverses Wall Street's recent run, which was driven by better-than-expected second-quarter corporate results and signs of economic stabilisation. Last month was the strongest July for the Dow and S&P 500 in two decades.

While most companies have managed to beat expectations during the latest quarterly reporting period, those impressive numbers were largely a result of cost cutting and low expectations.

Paycheck processor Automatic Data Processing (ADP) said private-sector employers cut 371 000 jobs in July, the smallest monthly total since October. Although the pace of job cuts is slowing, the number was higher than expected.

In addition, outplacement firm Challenger said companies' planned job cuts rose 31 per cent in July, indicating problems in the employment sector are far from over.
The reports come ahead of the US Labour Department's closely watched monthly jobs report, which will be released Friday.

The Australian share market has recovered most of yesterday´s losses on the back of strong employment data and higher commodity prices. The All Ordinaries Index (XAO) is firmer by 40pts at lunchtime in the east to 4313.
The materials sector has been boosted by significant gains on the London Metals Exchange. Shares in BHP Billiton (BHP) have added 2pct to $38.90 while Rio Tinto (RIO) is up 2.3pct to $62.14.

Australia's unemployment rate was a seasonally adjusted 5.8 per cent in July, compared with an unrevised 5.8 per cent in June, the Australian Bureau of Statistics said on Thursday. Total employment rose by 32,200 to 10.794 million, in July, seasonally adjusted.

Full-time employment fell by 16,000 to 7.590 million in the month and part-time employment was up 48,200 to 3.203 million.The result was better than economists' forecasts for a rise in the jobless rate to six per cent.

[LNC] Linc Signs GTL Engineering Agreement with Aker Solutions
[CVN] Carnarvon Acquires Three Permits – Western Australia
[NRT] Novogen Licences Anti Cancer Compound NV-128
[ASP] Aspermont and AusBiotech Announce Significant Joint Venture
[TNG] Zinc Mineralisation Confirmed at Browns Prospect
[AOK] Drilling Report- Sealock No. 1 Well – Kansas
[STI] LOI Entered Into For Brazil
[NUF] Acquisition of Leading Sorghum Seed Companies
[PBT] Prana is Granted Key Patent by European Patent Office
[AZZ] Yellow Rose Acreage Acquisition
[MSB] USA Trial to use Patented Cells with Heart Assist Devices
[GEN] Genesis Research Establishes Solirna Biosciences

Top losers PBG,AJA and TAH
Top Gainers MRE,BLY and AWC

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/