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Unemployment Claims FallTitle:
Oil tumbles as economy, OPEC weigh
(Reuters) - Oil prices dropped on Thursday after OPEC said it was unhappy with high prices and disappointing economic data helped paint a gloomy outlook for the world economy, reviving concerns about a drop in demand.
Brent crude futures dropped below their 100-day moving average on Thursday for the first time since January, while U.S. crude fell by $2 during the session.
Worries about the euro zone also increased after the European Central Bank left interest rates unchanged, while its president cautioned that the outlook for the region was subject to downside risks.
Unemployment in the euro zone is at a record 15-year high, according to the EU's statistics office.
"I think Europe is flooded with crude and funds are liquidating their positions," said an oil trader with a European oil ...
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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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U.S. Initial Jobless Claims Drop in the Week Ending April 28
- US initial jobless claims fell 27,000 to 365,000 in the week ending April 28, 2012 from an upwardly revised 392,000 level (was 388,000) the previous week and well below market expectations for a 379,000 reading. The drop left the level of claims just slightly above the 362,000 level in the last week of March, thus retracing most of a disappointing 30,000 rise during the previous three weeks.
- Despite the drop in the latest week, the four-week moving average of initial claims rose for the fourth consecutive week, climbing to 383,500 from 382,750 (revised from 381,750) the previous week.
- Continuing claims fell 53,000 to 3,276,000 in the week ending April 21, 2012 to more than retrace a 17,000 rise to 3,329,000 (was 3,315,000) the previous week.
- The sharp falloff in initial ...
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Oil falls below $118, economy weighs
(Reuters) - Oil prices fell again on Thursday, slipping below $118 a barrel after steep losses a day earlier were triggered by a round of poor employment and manufacturing data either side of the Atlantic, reviving fears about the global economy.
A build in U.S. crude oil stocks also contributed to a slide in prices the previous day, after inventories were reported at the highest level since September 1990.
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Oil falls below $118, economy weighs
Oil prices fell again on Thursday, slipping below $118 a barrel after steep losses a day earlier were triggered by a round of poor employment and manufacturing data either side of the Atlantic, reviving fears about the global economy.
A build in U.S. crude oil stocks also contributed to a slide in prices the previous day, after inventories were reported at the highest level since September 1990.
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Awful EMU PMI Data Hit The Euro
Sunrise Market Commentary
- Fixed Income: German yields set record lows
- Depressing April PMI's and unemployment data in the EMU set the tone for a risk off session. Core bonds surged higher and the German Bund future reached a new record high. In the US session, US equities rebounded and triggered profit taking in US treasuries. German bonds stayed near the highs however.
- Currencies: Awful EMU PMI data hit the euro
- The focus in currency trading shifted from the US to Europe. On Tuesday, EUR/USD declined due to dollar strength in the wake of the ISM release. On Wednesday, an awful set of EMU data triggered a next selling wave. EUR/GBP continues to set new lows, too. We doubt that the Draghi press conference will be able to change the course of events
The Sunrise ...
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Weak Euro-Zone Data Sends EUR Tumbling
A batch of negative euro-zone economic indicators, including a worse than expected manufacturing PMI, drove the EUR/USD to its lowest level in over a week during trading yesterday. The news also resulted in the euro dropping over 140 pips against the yen during the European session. Turning to today, European news is forecasted to generate significant market volatility. Traders will want to pay attention to the results of a Spanish debt auction, as well as to the ECB Press Conference at 12:30 GMT. Should any of the news signal further troubles regarding the euro-zone economic recovery, the common currency could drop further before markets close for the week.
Economic News
USD - ADP Employment Figure Leads to Dollar Losses
The US dollar fell vs. the safe-haven JPY throughout European ...
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The Weekly Bottom Line : 27/04/2012
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
- Europe provided plenty of negative headlines this week. Both Spain and the U.K. confirmed their economies fell back in recession, while the former saw its unemployment rate jump to 24.4%.
- The Dutch government collapsed over a dispute regarding fiscal tightening measures and S&P downgraded Spain's sovereign rating by two notches to BBB+.
- Although unspectacular, things were better in the U.S. First quarter GDP growth came softer than expected. However moderate, a 2.2% q/q annualized economic expansion feels comforting against the European backdrop.
Canada
- Retail trade slid by 0.2% in February as auto sales declined following strong January results.
- Newfoundland and Labrador brought down its budget, ...
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Weekly Economic and Financial Commentary : 27/04/2012
Weekly Economic and Financial Commentary
U.S. Review
First-Quarter GDP Growth Slows
The U.S. economy grew at a 2.2 percent annual rate in the first quarter, somewhat slower than the consensus had expected. Consumption remained the primary driver of growth as business spending slowed and the government sector continued to scale back spending.
In our U.S. review section this week, we discuss the GDP report in the context of the big miss in durables and consider what it means for business spending going forward. We also look at a very small change in the Fed statement this week that reflects an improving view on the troubled housing sector.
Business Spending Poised for a Slowdown?
Durable goods orders for March were ugly. The 4.2 percent drop was the largest decline since the U.S. ...
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