(As of 7:15 am PST)
US
stocks opened near the unchanged line a day after all three indexes
closed firmly lower. Disappointing economic data and falling oil prices caused
the weakness Monday, with investors taking a cautious stance into a data rich
week which culminates in Friday’s private sector jobs report. The US non-farm
payrolls report, a key market moving report, will be especially scrutinized
this week, as investors will be looking for clues to the strength of the labor
market in considering when the Federal Reserve bank will move to raise interest
rates. Today’s lone economic report showed factory orders in the US increasing
1.8% in June, slightly below forecast. In overseas action, Asian markets
finished today’s trading mixed with the big story coming out of China as regulators
moved to restrain the volatility in China’s stock market by revising rules on
short selling for investors. China’s Shanghai index rallied by 3.7% in Tuesday’s
session. In Europe, equity markets look to be on pace for a mostly down day across the board. Oil is
recovering some of yesterday’s losses trading up 2% to just over $46/barrel
while gold and other precious metals are up slightly. Interest rates are higher
today while the US dollar is flat against major world currencies.
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