Originally published by Rivkin Securities
It was a relatively uneventful session for US stocks as the S&P 500 closed close to flat while the Dow Jones Industrial Average was down slightly. European stocks climbed with the FTSE 100 up 0.7% and Germany’s DAX up 0.9%. President Trump’s negotiations with China are currently in the limelight. It is reported that China has offered Trump a $200bn reduction in the US trade deficit between the two countries by increasing imports of American products. US bond yields continue to climb with the ten-year yield now at 3.11%.
Australia’s employment data came out better than expected yesterday with a headline employment change of 22,600 compared to expectations of 19,800. The gains included 32,700 new full-time jobs and a loss of 10,000 part-time jobs. The unemployment rate ticked up to 5.6% compared to expectations of 5.5%.
Oil prices have held onto recent gains with this week’s inventory data showing an inventory decline. WTI oil reached above US$72 per barrel but has since fallen back to US$71.63. As a result, the Energy Sector ETF climbed 1.5% overnight. Gold prices, on the other hand, have remained below US$1,290 per ounce as a stronger US dollar weighs on the price.
Data Releases:
- Canada CPI & Retail Sales 10:30am AEST