Major European stock markets finished significantly higher on Tuesday, following recent macroeconomic updates, a rally in oil prices and the hopes of a possible rate hike by the Fed later in the year. Germany's DAX 30 Index grew 1.66% to 10,289.36, while Britain's FTSE 100 Index rose 0.18% to 6,284.53 points. Meanwhile, France's CAC 40 Index added 1.19% to 4,475.86, whereas the pan-European
The Richard Ivey School of Business announced on Tuesday that its Purchasing Managers' Index for Canada dropped to 49.4 on a seasonally adjusted basis in the fifth month of the year, following the 53.1 reading seen in the previous month and falling behind the 52.0 market forecast.
West Texas Intermediate futures traded 0.91% higher at $50.14 per barrel, whereas Brent traded 1.11% higher at $51.11 per barrel by 14:15 GMT on Tuesday on the New York Stock Exchange. Meanwhile, the bullion dropped 0.34% to $1,243.20 per troy ounce, and silver decreased 0.44%, trading at $16.375.
According to the latest data released by the United States Bureau of Labor Statistics on Tuesday, unit labor costs rose 4.5% on a seasonally adjusted basis in the Q1 of 2016, following the 4.1% reading seen in the last quarter of 2015 and surpassing the 4.0% market forecast.
On a quarter-over-quarter basis, the Euro zone's Gross Domestic Product grew 0.6% in the Q1 of 2016, following the 0.3% growth rate registered in the Q4 of 2015. Meanwhile, on an annualized basis, the Euro zone's GDP rose 1.7% in the Q1, compared to the 1.6% increase seen in the same period last year.
According to the latest data released by the Federal Reserve on Monday, Labor Market Conditions Index in the United States dropped to -4.9 in the fifth month of the year, whereas April's reading was revised down to -3.4 from -0.9. Analysts expected the index to increase to -0.8 in May.
Wall Street opened Monday's trading session with gains, as investors are awaiting a speech by Federal Reserve Chair Janet Yellen later today. The Standard & Poor's 500 Index rose 0.15%, opening at 2,102.22, whereas the Dow Jones Industrial Average Index grew 0.14%, starting at 17,832.10, and the Nasdaq Composite Index jumped 0.11% to 4,948.00 points.
The Sentix Economic Index for the Euro zone rebounded in June, posting a 9.9 point gain, the highest reading this year. In the meantime, factory orders in Germany dropped 2.0% in April, on a seasonally adjusted month-on-month basis, following the 2.6% increase seen in March.
Crude oil futures traded higher on Monday after Friday's disappointing non-farm payrolls release that drove the US Dollar 1% lower. West Texas Intermediate jumped 1.05%, trading at $49.13 per barrel, whereas Brent rose 1.05%, trading $50.16 per barrel by 11:35 GMT on the London Stock Exchange.
The final Markit US Services PMI came in at 51.3 in May, following the 51.2 preliminary reading and the 51.4 market forecast. Meanwhile, US factory orders rose 1.9% in April, surpassing expectations of the 0.8% gain and March's revised up 1.7% increase, while the Institute for Supply Management Non-Manufacturing Index came in at 52.9, compared to April's 55.7 result and
The trade gap in the United States rose 5.3% to %37.4 billion in the fourth month of the year, compared to the $41.9 billion deficit seen in the previous month, according to the Department of Commerce. Imports grew 2.1% to $220.2 billion in April, whereas exports rose 1.5% to $182.8 billion.
Non-farm payrolls rose by a seasonally adjusted 38,000 in May, missing the 160,000 forecast and following April's revised down 123,000. Meanwhile, the unemployment rate declined to 4.7% from 5.0% seen in the previous month, and average hourly earnings rose 0.2% month-over-month in May, in line with expectations.
The Euro zone's retail sales rose 0.0% month-over-month in April, following the -0.5 reading seen in the previous month and the 0.2% market forecast. Meanwhile, the final Markit UK Services PMI grew to 53.5 in May from 52.3 seen in April, surpassing the 52.4 forecast.
The final Markit Germany Composite PMI came in at 54.5 in May, following the 54.7 preliminary reading and April's 53.6, whereas the final Services PMI came in at 55.2, in line with the preliminary reading and above April's 54.5. Meanwhile, the Euro zone's Composite PMI came in at 53.1 in May, following the 52.9 flash estimate and 53.0 in April,
The US Dollar ignored Friday's data released by the European Union, trading higher against the common currency on the LSE. Thus, the Euro traded near its intra-day lows around $1.1140 by 11:00 GMT ahead of US labour data. Analysts expect some volatility in the currency markets during the North American session.
The Energy Information Administration's official report for the week ended May 27 published on Thursday showed that crude oil inventories in the United States dropped by 1.37 million barrels, following a 4.2 million barrel fall seen in the previous week. In the meantime, analysts expected to see a 2.72 million-barrel decline.
Major US equity markets opened lower on Thursday, following the ADP's downbeat jobs report released earlier. At the session start, the Standard & Poor's 500 Index dropped 0.32% to 2,092.80, whereas the Dow Jones Industrial Average declined 0.35% to 17,727.35, and the Nasdaq Composite Index lost 0.27%, opening at 4,938.80 points.
Crude oil futures traded lower on Thursday ahead of the OPEC meeting in Vienna. West Texas Intermediate dropped 0.94%, trading at $48.55 per barrel, whereas Brent declined 0.72%, trading at $49.36 per barrel by 12:50 on the London Stock Exchange.
The number of people filing for unemployment benefits in the United States dropped to 267,000 in the week ended May 28, following 268,000 initial jobless claims seen in the previous seven days. Meanwhile, analysts expected to see an increase to 271,000 filings. It was the 65th consecutive week initial claims remained below the 300,000 level.
According to the ADP's National Employment Report released on Thursday, private sector companies in the United States created 173,000 more new job vacancies last month, meeting analysts' expectations, following April's upwardly revised 166,000 jobs and posting the smallest gain since January 2014.
West Texas Intermediate traded 1.36% lower at $48.43 per barrel, whereas Brent traded 1.22% lower at $49.28 per barrel by 15:15 GMT on the New York Stock Exchange. In the meantime, the bullion dropped 0.42%, trading at $1,212.40 per troy ounce around the same time.
The S&P 500 partially rebounded from its intra-day lows after the release of stronger-than-expected manufacturing figures for May. Thus, the S&P 500 traded 0.30% lower at 2,090.64, climbing from its daily low of 2,085.20 points. Meanwhile, the Dow Jones Industrial Average dropped 0.46%, trading at 17,705.00, while the Nasdaq Composite Index lost 0.20%, trading at 4,938.25 points by 14:45 GMT.
Fresh figures released on Wednesday showed that the US manufacturing sector performed better-than-expected in May. The The Institute for Supply Management's Manufacturing PMI rose to 51.3 in the fifth month of the year, following the previous month's 50.8 and surpassing analysts' forecast of 50.5.
According to the latest news released on Wednesday, the final reading of Markit's May Manufacturing Purchasing Managers' Index for the United States came in at 50.7, which was above the preliminary reading of 50.5 but below April's 50.8. Analysts bet the reading would remain unchanged from the preliminary data.