SamTrader1
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By, BinaryOptionStrategy.com
Equities
On Friday, Asian markets continued to gain, lifted by Thursday’s upbeat ADP employment report. The Nikkei rose 67 points to 10138, and the ASX 200 rallied 1.1%. In China, the Hang Seng gained .9%, lifted by oil companies, while the Shanghai Composite inched up .1%.
In Europe, markets turned negative following the release of the US payroll data, which was a significant disappointment. The FTSE dropped 1.1%, the CAC40 tumbled 1.7% and the DAX shed .9%, as banks led the declines, dropping as much as 8%.
In the US, the major indexes closed well off their sessions lows, after opening sharply lower. The Dow lost 62 points to 12657, after dropping as low as 12567. The Nasdaq fell .5%, and the S&P 500 sank .7%.
Dow Bounces from Early Selloff
Google fell 2.7% after getting downgraded by Morgan Stanley. Casinos gained on an upgrade by JPMorgan, as Wynn rose 2.3%, and MGM Grand gained 1.6%.
Treasuries and Commodities
Bonds soared, as further economic weakness raised the likelihood of an extended period of low interest rates. 10-year notes gained 30/32 to yield 3.03%, and 30-year notes rallied 1 13/32, to yield 4.28%.
Oil tumbled 2.5% to 96.20, reversing Thursday’s gains. Gasoline fell 1.1% to 3.0926, while natural gas climbed 1.7% to 4.205.
Gold advanced .7% to 1541.60, and silver closed flat, while copper slipped .7% to 4.4025.
Currencies
The safe-haven currencies rallied, as traders pushed the Swiss Franc up .9% to .8372, and the Yen up .8% to 80.60. The Euro slid .7% to 1.4264, as the latest round of ongoing debt concerns weighed on the currency. The Canadian Dollar eased .4% to .9640, while the Pound rose .6% to 1.6058, boosted by upbeat PPI data.
Economic Outlook
Friday’s non-farm payroll report indicated that the economy only added 18K jobs in June, far below the 90K expected by analysts. The weakness raised concerns about a double-dip recession, as the payroll data has disappointed for the last 3 months, steadily dropping.
Other disappointing news included a rise in the unemployment rate to 9.2%, the highest level in 2011. Wholesale inventories rose 1.8%, more than expected, another sign of economic stagnation.
Alcoa will kick off earnings season on Monday.
Equities
On Friday, Asian markets continued to gain, lifted by Thursday’s upbeat ADP employment report. The Nikkei rose 67 points to 10138, and the ASX 200 rallied 1.1%. In China, the Hang Seng gained .9%, lifted by oil companies, while the Shanghai Composite inched up .1%.
In Europe, markets turned negative following the release of the US payroll data, which was a significant disappointment. The FTSE dropped 1.1%, the CAC40 tumbled 1.7% and the DAX shed .9%, as banks led the declines, dropping as much as 8%.
In the US, the major indexes closed well off their sessions lows, after opening sharply lower. The Dow lost 62 points to 12657, after dropping as low as 12567. The Nasdaq fell .5%, and the S&P 500 sank .7%.
Dow Bounces from Early Selloff
Google fell 2.7% after getting downgraded by Morgan Stanley. Casinos gained on an upgrade by JPMorgan, as Wynn rose 2.3%, and MGM Grand gained 1.6%.
Treasuries and Commodities
Bonds soared, as further economic weakness raised the likelihood of an extended period of low interest rates. 10-year notes gained 30/32 to yield 3.03%, and 30-year notes rallied 1 13/32, to yield 4.28%.
Oil tumbled 2.5% to 96.20, reversing Thursday’s gains. Gasoline fell 1.1% to 3.0926, while natural gas climbed 1.7% to 4.205.
Gold advanced .7% to 1541.60, and silver closed flat, while copper slipped .7% to 4.4025.
Currencies
The safe-haven currencies rallied, as traders pushed the Swiss Franc up .9% to .8372, and the Yen up .8% to 80.60. The Euro slid .7% to 1.4264, as the latest round of ongoing debt concerns weighed on the currency. The Canadian Dollar eased .4% to .9640, while the Pound rose .6% to 1.6058, boosted by upbeat PPI data.
Economic Outlook
Friday’s non-farm payroll report indicated that the economy only added 18K jobs in June, far below the 90K expected by analysts. The weakness raised concerns about a double-dip recession, as the payroll data has disappointed for the last 3 months, steadily dropping.
Other disappointing news included a rise in the unemployment rate to 9.2%, the highest level in 2011. Wholesale inventories rose 1.8%, more than expected, another sign of economic stagnation.
Alcoa will kick off earnings season on Monday.