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JobsTitle:
Oil drops two percent on economic woes, awaits U.S. jobs data
(Reuters) - Crude oil futures tumbled 2 percent on Thursday as more signs of slowing U.S. economic growth encouraged investors to book profits on prices that had hit near the top of the current range, and as markets awaited a key U.S. jobs report on Friday.
The U.S. jobs market likely rebounded in April with hirings forecast to have increased, but optimism about that outlook was dented after data showed a slower-than-expected expansion in the vast service sector and retail sales fell.
Adding to bearish sentiment, an OPEC official said the producers' group was working hard to bring down oil prices to prevent demand from sliding and that total OPEC output was far in excess of its official target.
"Crude prices hit the top of their trading range recently and so people are selling and are ...
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Dukascopy Afternoon Forex Overview : 03/05/2012
Fundamental Analysis
EUR
German DAX index climbed on Thursday lifted as ECB decided to keep its benchmark rate unchanged and Spain successfully auctioned bonds. Index was supported with positive news from US as data showed jobless claims fell more than expected last week. BMW AG rallied 2.72% after German car maker reported its EBIT jumped 19% in 1st quarter.
USD
Timothy Geithner, US Treasury Secretary, said that China has to alter its polices tied to exports and focus on stimulating domestic consumption. Such change is vital for sustaining China's economic expansion. Currently, China is exploring the ways for new economic reforms as the country recognized the risks of overreliance on exports, Timothy Geithner added.
GBP
Average house prices in the UK declined by 0.2% last month, ...
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Mixed data sends Wall Street lower ahead of payrolls
(Reuters) - Stocks were lower on Thursday as another round of mixed economic data left a muddled picture of the domestic recovery ahead of Friday's key payrolls report.
Initial claims for state unemployment benefits dropped by 27,000, the biggest weekly drop since May 2011. The report ran counter to data indicating weaker private sector hiring that pushed stocks lower Wednesday.
But a report from the Institute for Supply Management showed the pace of growth in the U.S. services sector slowed more than expected in April and new orders dropped. On Tuesday, the ISM report showed factory activity picked up in April.
"It's par for the course. Obviously we had the real strong manufacturing data two days ago and we are getting a mixed picture on the jobs front as well. So really it's kind of ...
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Services Industry, Jobless Claims To Feature U.S. Session
Traders are awaiting reports that may show service Industries stalled last month while filing for employment benefits likely fell in the previous week ahead of tomorrow's jobs report.
The Institute for Supply Management's non-manufacturing gauge will likely show that a lower reading than in March, around 55.3 in April from 56.0. A reading above 50 reflects expansion and vice versa.
Less Americans Probably filed for employment insurances in the April 28 week, as the initial jobless claims probably fell to 379 thousand from 388 thousand reported last week.
Meanwhile, markets will be anticipating the U.S. monthly employment situation which will be out tomorrow. Wall Street will likely start an up day, as stocks futures rose slightly in early trading on Thursday.
As of 11:35 a.m. in London, ...
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European shares gain as ECB eyed, euro steady
(Reuters) - European shares rose while the single currency languished near 10-day lows on Thursday as investors waited to see if a gloomier economic outlook would prompt the European Central Bank to hint at further stimulus measures at a policy meeting.
Fears in the debt market that the deepening euro zone recession and a two-notch downgrade would hit Spain's ability to fund itself eased after the government sold new three- and five-year debt although its borrowing costs rose sharply.
But the spotlight is on the world's major central banks after surprisingly weak economic data from the United States and across the European Monetary Union (EMU) rekindled concerns about the strength of the global economic recovery.
"Given the recent weakness in the EMU economy indicators, we suspect the ...
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Stock index futures point to higher open
Stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 rising 0.1 to 0.2 percent.
The Labor Department releases first-time claims for jobless benefits for the week that ended April 28 at 8:30 a.m. EDT (1230 GMT). Economists forecast a total of 380,000 new filings, compared with 388,000 in the prior week.
The Labor Department releases preliminary Q1 Productivity and Unit Labor Costs at 1230 GMT. Economists forecast productivity to fall 0.5 percent, versus a 0.9 percent rise in the revised Q4 report. Unit Labor Costs are expected to rise 2.8 percent, a repeat of the Q4 increase.
Major companies announcing results on Thursday include AIG (AIG.N), Kraft Foods (KFT.N), First Solar (FSLR.O) and Cigna (CI.N).
...
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Euro weighed by sour economic data; ECB meeting in focus
Forex Morning Briefing : Euro weighed by sour economic data; ECB meeting in focus
What’s new:
Forex: Euro hurt by downbeat euro zone data; forex investors brace for more dovish ECB
Global Markets: Asian shares weighed by sour data from both sides of Atlantic
New Zealand: Sharp rise in jobless rate to 6.7% from 6.3% drives kiwi lower
Euro zone: Spanish bond sale, ECB meeting in focus
Euro zone: Unemployment rate edges to 15-year high
United States: Treasury Secretary Geithner repeats call for stronger Chinese yuan
United States: ADP employment report shows lowest gain in 7 months
Rates in Asia and Indices:
EUR/USD 1.3135 1.316 -0.07 %
USD/CHF 0.913 0.9148 -0.08 %
GBP/USD 1.6171 1.6203 -0.04 %
USD/JPY 80.1 80. ...
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YouTradeFX Daily Market Analysis : 03/05/2012
Fundamental News
Today’s highlights:
· Initial Jobless Claims + Nonfarm Productivity (QoQ) (U.S., 13:30 GMT)
· Interest Rate Decision (EUR., 12:45 GMT)
· ECB Press Conference (EUR, 13:30 GMT)
· ISM Non-Manufacturing Index (U.S., 15:00 GMT)
U.S. Factory Orders fell 1.5 Percent in March to $460.5 billion following a 1.1 percent increase in February, according to figures released Wednesday by the Commerce Department. While, ADP said that U.S private sector employment increased by 119,000 jobs in April following a downwardly revised increase of 201,000 jobs in March.
The euro remained lower following a three-day decline on bets that European Central Bank President Mario Draghi will hint at further stimulus measures to counter the region’s debt crisis after ...
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Asian stocks drop on disappointing data ahead of ECB’s rate decision
Amid thinner-than-usual volumes, with markets in Japan being closed for holiday, Asian stocks dropped, where the MSCI Asia Pacific Excluding Japan Index fell 0.4% at 13:03 in Hong Kong, on disappointing data that fueled doubts over recovery.
Sentiment turned negative after manufacturing in the eurozone slipped deeper into contraction, unemployment unexpectedly rose in Germany, while the US added fewer than expected jobs in April, darkening the outlook for Friday’s key non-farm payrolls report.
Furthermore, the jobless rate rose in New Zealand during this year’s first quarter to the highest level since 2010 at 6.7% from 6.4% previous, raising more fears over global growth, while Australia’s performance of services dropped to 39.6 from 47.0, and China’s services PMI fell to 56.1 in April ...
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