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Morning Market Update: Bullish Into New Week

Global markets were mixed on Friday, with weakness in Europe countered by a strong session in the U.S. after the latest jobs report indicated a strengthening economy but also raised speculation that the Fed tapering may happen soon.

European stocks fell, paring their weekly advance, as better-than-estimated U.S. payrolls data for the past three months signaled the Federal Reserve has enough room to pare stimulus this year.

The Stoxx 600 dropped 1.3% to 288 at the close in London, trimming its advance this week to 1.2% from 2.3% earlier. The FTSE 100 dropped 46 points (-0.7%) to settle at 6376 while the German DAX shed 188 points (-2.4%) to close trading at 7806.

U.S. stocks rose, sending the S&P 500 to the biggest rally in three weeks, after government data showed that the nation added more jobs than forecast last month.

The S&P 500 gained 16 points (+1%), advancing 1.6% for the week to settle at 1632. The Dow Jones added 147 points (+1%) to close at 15136.

The U.S. Labor Department reported better-than-forecast jobs data on Friday. Jobs rose by 195,000 for June, compared with the median forecast of 165,000. Revisions for April and May added a total of 70,000 jobs.

Crude oil rose to a 14-month high after the U.S. jobs data which boosted economic optimism, and also on concern that unrest in Egypt may escalate.

Oil for August delivery rose $1.98 (+2%) to $103.22 a barrel on the New York Mercantile Exchange, the highest settlement since May 2, 2012.

Gold futures fell to a one-week low as the dollar surged to the highest in almost three years after U.S. jobs report, fueling speculation that the Federal Reserve will scale back stimulus.

Gold futures for August delivery slumped 3.1% to settle at $1,212.70 an ounce on the Comex in New York. There’s no major local economic news expected during today’s session.

 

Morning Market Update: Bullish Into New Week is a post from: Australian Stock Report Market Pulse Blog