LONDON — Stock markets around the world drifted lower Wednesday ahead of a raft of major economic news events that could make for a volatile few days.
KEEPING SCORE: In Europe, Germany's DAX fell 0.5 percent to 9,426 while the CAC-40 in France fell 0.9 percent to 4,378. The FTSE 100 of leading British shares was 0.8 percent lower at 6,567. Wall Street looked set modest declines at the open, with both Dow futures and the broader S&P 500 futures down 0.2 percent.
US DATA IN FOCUS: Ahead of Friday's U.S. nonfarm payrolls report for September which often sets the market tone for a week or two after its release, traders have a raft of news to digest. On Wednesday, private payrolls firm ADP found 213,000 jobs were generated during September. The increase was largely in line with expectations and cemented views about Friday's official data. The ADP report also helped ease concerns over a surprisingly weak consumer confidence number from the Conference Board on Tuesday. Later, the Institute for Supply Management publishes its closely watched manufacturing reported.
ANALYST TAKE: "While no one report or indicator is perfect, the fact that ADP was not similarly weak is a positive development and should leave estimates roughly unchanged for monthly payroll gains," said Dan Greenhaus, chief strategist at BTIG.
ECB LOOMING: Traders are also gearing up for Thursday's European Central Bank policy meeting in Naples, Italy. Though no change in policy is anticipated, there will be great interest in what ECB President Mario Draghi says about a possible monetary stimulus from the central bank following further weak inflation data.
CURRENCIES: The foreign exchange markets are likely to be busy over the rest of the week given the number of potentially market-moving developments on the calendar. On Wednesday, the mood was fairly benign with the euro down 0.1 percent at $1.2615 and the dollar unchanged at 109.69 yen.
ASIA'S DAY: Tokyo's Nikkei 225 index shed 0.6 percent to 16,082.25 after a survey showed business conditions deteriorated. Shanghai and Hong Kong were closed for China's National Day holiday. Seoul's Kospi tumbled 1.4 percent to 1,991.54 on weaker factory output.
HONG KONG IN SPOTLIGHT: Across Asian financial markets in particular, there's great interest in the pro-democracy demonstrators that are taking place in Hong Kong. Streets in the business district have closed in the biggest threat to Beijing's authority since China took control of the former British colony in 1997. Some banks, schools and stores have closed, though analysts say they see no significant damage to the economy of this Asian financial center.
ENERGY: Benchmark U.S. oil added 55 cents to $91.71 per barrel in electronic trading in New York. The contract dropped $3.41 on Tuesday to $91.16, pushed down by plentiful supplies and a rise in the U.S. dollar — in which oil sales are priced — against other currencies. Brent crude, used to price international oils, fell 10 cents to $96.90.
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