Oil drops below USD 84 on dull statistics

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Source: Marketwatch
Crude oil fell below USD 84 per barrel as the recent statistics on European, U.S. and Chinese economies ruined hopes for higher demand for energy. Light, sweet crude oil futures for July delivery lost 3.6% to USD 83.41. A decline for the week reached around 8%. The United States gained just 69,000 jobs in May, the most modest improvement in a year, while the expectations were as high as 165,000 jobs increase. The ISM Manufacturing PMI plummeted to 53.5 from April's 54.8, although the analysts' forecast was 54.0. On Thursday China Federation of Logistics and Purchasing reported a weaker-than-expected Manufacturing PMI in May; it stands at 50.4 indicating worsening conditions. European PMI fell to 45.1 from 45.9 in April. Despite, severe economic conditions, Tariq Zahir of Tyche Capital Advisors thinks that oil prices should bounce back.

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Fri, 01 Jun 2012 21:16:10 GMT

Treasury prices jump after jobs data

10-year notes yields tumbled to 1.47% as the U.S. Labor Department reported a payrolls increase of just 69,000 in May, far below analysts' expectations. Figures for previous 2 months were revised downwards, unexpectedly pushing the unemployment rate up. Yields on 30-year notes closed at 2.54%, 5-year notes – at 0.62%.

Fri, 01 Jun 2012 18:29:10 GMT

Purchasing managers' index drops in the Euro area

The Euro area's PMI dropped from 45.9 to 45.1 representing the fastest jump during three years. According to Chris Williamson, Markit's chief economist, the financial recession and the political issues are spreading around the area negatively impacting the manufacturing movement. Williamson added that the figures signify a decrease in the sector by 1% per quarter.

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