Market Blog > November 2016 > Market Review

Market Review

Chinese financial news outlet Caixin indicated that China’s services purchasing managers Index (PMI) grew from 52.0 in September to a seasonally adjusted 52.4 in October.

The European Union’s statistics office indicated that the Euro zone unemployment remained unchanged at a seasonally adjusted 10.0%, from 10.0% the previous month. The Bank of England decided to leave its interest rates untouched at a record low of 0.25%. Financial data company Markit stated that UK’s services PMI rose from 52.6 in September to 54.5 in October.

The US Labor Department stated that the number of Americans filing for unemployment benefits unexpectedly rose in the past week by 7,000 to a seasonally adjusted 265,000 for the week ended October 29. The US Census Bureau stated that the US Factory Orders fell unexpectedly to a seasonally adjusted 0.3% from 0.4% the previous month. The Bureau of Labor Statistics indicated that the US nonfarm productivity had risen to a seasonally adjusted 3.1% from -0.2% in the preceding quarter. The ISM stated in a report that the non-manufacturing PMI in the US fell to 57.1 last month from 57.1 in September.
 
Currencies: The dollar was moderately lower against other major currencies on Thursday following the release of weak US service sector activity data. The EURUSD traded higher between $ 1.1060 and $ 1.1126. The GBPUSD traded higher between $ 1.2298 and $ 1.2494. The USDJPY traded lower between ¥ 103.44 and ¥ 102.56.

Crude oil: Oil prices went down on Thursday after data showed that crude supplies in the U.S. rose by the most since records began last week. On the ICE future Exchange, North Sea Brent crude traded lower between $ 47.51 and $ 45.99. On the New York Mercantile Exchange, U.S. light crude oil traded lower between $ 45.90 and $ 44.38.

Gold: The price of gold went down below $1,300 on Thursday as the global stocks and the US dollar became stable. On the COMEX division of the New York Mercantile Exchange, gold traded higher in a range between $1285.70 and $1306.75 an ounce.

Indices:  Asian shares were mixed on Thursday with Tokyo out for public holiday and caution ruling ahead of nonfarm payroll data in the US on Friday. At the close in Hong Kong, the Hang Seng went down by 0.56%. At the close in China, Shanghai Composite edged up 0.91%.

European stocks were down on Thursday as investors turned their attention to the Bank of England’s policy statement. At the close in Frankfurt the DAX declined 0.43%. At the close in Paris, the CAC40 went down 0.07%. At the close in Madrid, the IBEX 35 added 0.07%. Finally, at the close in London the FTSE100 declined 0.80%.

Wall Street was down on Thursday due to the uncertainty over the next week’s US presidential election and Friday’s nonfarm payrolls. At the close, the Dow Jones industrial average fell 0.16% The S&P 500 fell 0.44% and the NASDAQ composite went down 0.92%.
 
Economic Calendar  
Friday 4th November 2016:
 

Time

Currency

Event

Forecast

Previous

12:35am

CAD

BOC Gov Poloz Speaks

 

 

12:30pm

CAD

Employment Change

-10.0K

67.2K

12:30pm

CAD

Unemployment Rate

7.00%

7.00%

12:30pm

CAD

Trade Balance

-1.7B

-1.9B

12:30pm

USD

Average Hourly Earnings m/m

0.30%

0.20%

12:30pm

USD

Non-Farm Employment Change

174K

156K

12:30pm

USD

Unemployment Rate

4.90%

5.00%

12:30pm

USD

Trade Balance

-37.5B

-40.7B

2:00pm

CAD

Ivey PMI

56.2

58.4

2:45pm

GBP

MPC Member Forbes Speaks

 

 

Posted: 11/4/2016 8:27:43 AM by Global Administrator | with 0 comments


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