Weak US Non-Farm Payrolls Boost Crude Oil Futures on QE3 Speculation
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The regular trading review of the main US and European markets, plus a quick look at the commodities and forex markets.
For today's report see Financial Trading Review.
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Sponsered by
ETX Capital
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Financial Trading Review - 10 September 2012
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European Trading Review
At 0500 BST today, German DAX Xetra 30 futures are trading 16.3 points lower, while French CAC-40 futures are trading 4.7 points down.
German weekly magazine “Der Spiegel” reported Volkswagen has cut its internal sales target for 2012 for Western Europe by 150,000 vehicles.
Wendel announced that it had successfully placed a bond issue of €400 million maturing in September 2019 with a coupon of 5.875%. The issue was oversubscribed six times.
US Trading Review
At 0500 BST today, DJIA futures are trading 33.0 points down.
On Friday, DJIA edged up 0.1% to end at 13,306.6. NASDAQ gained marginally to close at 3,136.4. S&P 500 ticked up 0.4% to settle at 1,437.9.
US markets closed higher on Friday, as lacklustre August jobs report fuelled speculation the Federal Reserve would unveil further stimulus measures.
AK Steel Holding, United States Steel, Peabody Energy, Cliffs Natural Resources and Alpha Natural Resources rallied between 7.6% and 16.8%, as China planned to boost its infrastructure.
Citigroup, Morgan Stanley and Bank of America rose between 3.1% and 5.4%, tracking their European peers following ECB’s decision to introduce unlimited bond-buying programme on Thursday.
SunTrust Banks added 3.1%, as it aimed to boost its third-quarter income.
After the closing bell, Apple lost 32 cents, after The Wall Street Journal reported that Apple’s next iPhone would work worldwide on the next-generation LTE wireless network, raising possibilities of non-availability in all carriers.
Luxury retailer, Michael Kors fell 4.5%, as some shareholders intended to sell about 20 million shares of the company.
Forex Trading Review
At 0400 BST today, the GBP is trading slightly lower against the USD at $1.5996, marginally lower against the EUR at €1.2507, and 0.1% lower against the JPY at ¥125.12.
The EUR is trading slightly lower against the USD at $1.2791 and 0.1% lower against the JPY at ¥100.05, ending a three-day advance.
This came after Greece’s Prime Minister, Antonis Samaras, failed to secure agreement from his coalition partners on €11.5 billion of spending cuts required by lenders to his country.
However, losses against the USD were capped, ahead of a report due tomorrow that might show the US trade deficit widened in July.
On Friday, the USD ended lower against the EUR and other major currencies, after disappointing US job data fuelled speculations for third round of quantitative easing by the US Federal Reserve.
The EUR also rose, as FX spread betting investors cheered the ECB’s plan announced on Thursday to lower borrowing costs for Spain and Italy.
The GBP closed higher against the USD, as better-than-expected UK economic data cemented expectations that the BoE is unlikely to ease monetary policy in near future.
The CAD ended higher against the USD, after data revealed that Canadian employment rose faster than market forecast in August.
The AUD ended higher against the USD, following reports that Australia's biggest export market, China has approved plans for $158 billion in infrastructure spending to boost economic growth.
Commodities Trading Review
In Asia, crude oil for October delivery is trading 0.2% or $0.14 lower at $96.28 per barrel.
On Friday, crude oil for October delivery gained 0.9% or $0.89 to $96.42 per barrel. This came as weaker-than-expected US nonfarm payrolls data fuelled speculation that the US Federal Reserve would implement new stimulus measures to strengthen the US economy.
Persistent threat about rising violence in the Middle East and disruption in oil supply from the region also supported oil prices.
However, gains were capped amid speculation strategic oil reserves might be released by the US and other major oil consumer governments.
This came after US government officials met oil market experts on Thursday as the White House to consider the merits of another release of emergency oil reserves.
Gold for immediate delivery is trading 0.1% higher today, at $1,737.90 per ounce.
Gold for December delivery settled up 2.1% or $34.90 at $1,740.50 per ounce on Friday, as dismal US employment data sparked fresh expectations for another round of quantitative easing by the US Federal Reserve.
Gold prices also rose, as the dollar weakened against the major currencies, increasing the demand for the precious metal as a hedge against inflation.
On Friday, copper 3-month futures rose 2.3% or $175.0, to close at $7,855.50 /MT. Aluminium 3-month futures rose 0.5% or $10.0, to close at $1,860.00 /MT.
Financial Trading News
For more daily views, news and analysis of the markets also see:
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The above comments do not constitute investment advice and neither ETX Capital nor Clean Financial accept any responsibility for any use that may be made of them. Any prices or data are indicative and subject to change without notice; its accuracy is not guaranteed and should not be relied on.
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Article provided / approved by ETX Capital which is the trading name of Monecor (London) Limited, company number 00851820. Monecor (London) Ltd is authorised and regulated by the Financial Services Authority, registration number 124721.
'Weak US Non-Farm Payrolls Boost Crude Oil Futures on QE3 Speculation' edited by ETX Capital, updated 10-Sep-12
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