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| | US Market Reports |  | | Dow Jones | NASDAQ | NYSE | AMEX |  |  |  |  | | Please click on the images to view our interactive charts | | | Stocks moved sharply lower at the start of trading on Friday, as traders reacted negatively to a weaker than expected monthly employment report. The early weakness extended a recent downward move by the markets, with the Dow and the S&P 500 falling to their lowest levels in well over a month. While the major averages did not see much following through on the initial downward move and have bounced off their lows for the young session, they remain firmly negative. The Dow is down 102.66 points or 0.8 percent at 12,145.89, the Nasdaq is down 22.86 points or 2,750.45 and the S&P 500 is down 11.82 points or 0.9 percent at 1,301.12. The sell-off seen at the open came following the release of a report from the Labor Department showing much weaker than expected job growth in the month of May as well as an unexpected uptick in the unemployment rate. The Labor Department said that the U.S. economy added just 54,000 jobs in May following the addition of 232,000 jobs in April. Economists had been expecting employment to increase by about 170,000 jobs, although recent data had suggested that the job growth was likely to miss estimates. Additionally, the report showed that the unemployment rate unexpectedly edged up to 9.1 percent in May from 9.0 percent in the previous month. Sal Guatieri, senior economist with BMO Capital Markets, said, "Any way you slice it, this is a weak report that cannot be explained solely by Japan's tragedy and bad weather, though it does follow a period of decent strength." Most of the major sectors have moved to the downside in early trading, reflecting broad based selling pressure. Transportation stocks have helped to lead the way lower, dragging the Dow Jones Transportation Average down by 1.4 percent to its lowest intraday level in over a month. Natural gas, housing, and biotechnology stocks are also posting notable losses, while airline stocks are among the few groups that are bucking the downtrend. In overseas trading, stock markets in the Asia-Pacific region turned in a mixed performance on Friday amid uncertainty about the U.S. jobs report. Japan's Nikkei 225 Index fell by 0.7 percent, while China's Shanghai Composite Index advanced by 0.9 percent. Meanwhile, the major European markets have all moved to the downside on the day. The German DAX Index is down by 0.2 percent, while the U.K.'s FTSE 100 Index and the French CAC 40 Index have fallen by 0.4 percent and 0.6 percent, respectively. In the bond market, treasuries have moved back to the upside after seeing notable weakness in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 6 basis points at 2.97 percent. |
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| | Canadian Market Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | TSX May Extend Losses Amid Weak US Jobs Data Bay Street stocks may extend losses at open Friday after the U.S., Canada's largest trading partner, said the employment in the nation saw only a modest increase in the month of May, aggravating recent concerns over the economy. Further, energy prices continued to drift lower, easing from their recent highs. U.S. stock futures were pointing to a sharply lower open amid weak jobs data. Yesterday's report from the ADP revealed that private employers in the U.S. only added 38,000 jobs during the month, missing consensus estimates for 175,000 job additions. Moody's Investors Service said it may downgrade the debt ratings of Bank of America Corp, Citigroup Inc and Wells Fargo & Co, citing concerns about waning U.S. political willingness to offer support for the largest banks. On Thursday, the S&P/TSX Composite Index edged down 8.38 points or 0.06 percent to 13,519.50. The price of crude oil slipped below $100 Friday morning amid concerns over demand growth after official data revealed pile up in U.S. crude oil and gasoline inventories. Thursday during trading hours, the EIA revealed that U.S. crude oil inventories moved up by 2.90 million barrels and gasoline stocks were up by 2.60 million barrels in the week ended May 27. Analysts were expecting crude oil inventories to dip by 1.90 million barrels, while gasoline stocks are seen adding 1.20 million barrels last week Crude for July wad down $1.58 to $98.82 a barrel. Meanwhile, the price of gold recovered from early session losses, with gold for August adding $1.90 to $1,534.60 an ounce. In corporate news from Bay Street, specialized oilfield equipment and services provider High Arctic Energy Services (HWO.TO) reported higher first quarter net income of C$7.3 million (including $2 million gain on sale of an investment) compared to C$4.5 million in the same quarter of last year. However, on a per share basis, net income declined to C$0.03, from C$0.08 last year. Oil and gas firm Ivanhoe Energy (IE.TO) said it would offer $50 of convertible bonds Department stores operator Hart Stores Inc. (HIS.TO) said Michael Hart has resigned as President, CEO and Director of Hart Stores Inc, with immediate effect. Metallurgical coal producer Grande Cache Coal (GCE.TO) reported a much improved fourth quarter net income of C$5.13 million or C$0.05 per share versus C$1.42 million or C$0.01 per share last year. In economic news from south of the border, the U.S. Labor Department said the economy showed a net gain of 54,000 jobs in May, far lower than the 170,000 predicted by most economists and well short of the addition of 232,000 jobs in April. The job gains came entirely in the private sector, with the addition of 83,000 private sector jobs offsetting the loss of 29,000 government jobs. The unemployment rate ticked up to 9.1 percent in May from 9 percent in April. |
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| | European Market Reports | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | European Markets Mixed Ahead Of U.S. Jobs Data The European markets are mixed in afternoon trading Friday, ahead of the key monthly U.S. jobs report due later in the day. The German market has remained in positive territory throughout the session on bargain hunting, following the declines in the previous two sessions. The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.03 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.43 percent. The German DAX is adding 0.26 percent, while the French CAC 40 is falling 0.05 percent. UK's FTSE 100 is gaining 0.04 percent and Switzerland's SMI is declining 1.18 percent. Among the DAX components, Commerzbank is leading the gainers by adding 2.5 percent. However, Deutsche Bank is losing 0.4 percent. Automakers Volkswagen, BMW and Daimler are gaining between 0.7 percent and 0.4 percent. Diversified utilities RWE and EON are losing 2.6 percent and 2.2 percent, respectively. JPMorgan raised its price target on Allianz to 109 euros from 106 euros. However, the insurer is falling 0.8 percent. Merck is down 0.2 percent. UBS lifted its price target on the drugmaker to 76 euros from 66 euros. Unicredit raised its price target on Henkel to 54 euros from 46 euros. The stock, however, is down 0.2 percent. In Paris, cement giant Lafarge, steel maker ArcelorMittal as well as builders Vinci and Bouygues are moderately lower. Credit Suisse raised its price target on Axa to 19.50 euros from 18.50 euros. The insurer is down 0.4 percent. Carmaker Peugeot is adding 2.2 percent. Renault is rising 0.65 percent. Banks BNP Paribas, Societe Generale and Credit Agricole are gaining. Natixis is falling 0.6 percent. In London, miners Rio Tinto, Eurasian Natural Resources, BHP Billiton and Vedanta Resources are falling between 1.1 percent and 0.5 percent. Royal Bank of Scotland is falling 1.2 percent. Barclays and Lloyds Banking Group are declining 0.6 percent each. Chipmaker Autonomy is gaining 3 percent. The company said it closed the acquisition of some assets of Iron Mountain's digital division earlier than anticipated, due to unexpectedly rapid regulatory approvals. British Land Co. is adding 1.4 percent. Hammerson is gaining 1.1 percent and Land Securities Group is rising 0.8 percent. In economic news, Germany's private sector growth eased in May, signaling the weakest expansion in activity since October 2010, data released by Markit Economics and BME showed. Separately, Markit Economics said eurozone private sector growth eased to a five-month low in May. Meanwhile, UK service sector expanded for a fifth straight month in May, but at a slower pace than in the previous month, data from Markit Economics revealed. Across Asia/Pacific, most major markets settled lower. Australia's All Ordinaries trimmed 0.35 percent, Hong Kong's Hang Seng retreated 1.31 percent and Japan's Nikkei 225 lost 0.66 percent. However, China's Shanghai Composite Index gained 0.85 percent. The country's private sector economy expanded at a faster pace in May on the back of strong growth in services output, while inflation cooled to a multi-month low amid Beijing's aggressive policy tightening. In the U.S., futures point to a lower open on Wall Street. In the previous session, the Nasdaq edged up 0.2 percent, while the Dow fell 0.3 percent and the S&P 500 slipped 0.1 percent. In the commodity space, crude for July delivery is sliding $0.81 to $99.59 per barrel, while gold is losing $5.3 to $1527.4 a troy ounce. |
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| | Asia Market Reports | | | | Nikkei 225 | Hang Seng | Bse Sensex | S&P/ASX 20 |  |  |  |  | | Please click on the images to view our interactive charts | | | Indian Market Ends Lower For Second Day Weak Asian cues ahead of a crucial U.S. jobs report due out later in the global trading day and domestic data showing slowing services sector growth dragged the Indian market lower for a second consecutive session on Friday. The seasonally adjusted HSBC Markit Business Activity Index, based on a survey of over 400 companies, fell to 55 in May from 59.2 in the previous month, with the current sequence of growth extending to twenty-five months. A reading above 50 suggests expansion in the private sector. The benchmark 30-share Sensex washed out its early gains in the afternoon before ending 118 points or 0.64 percent lower at 18,376, with 22 of its components declining. The broader Nifty index fell by 34 points or 0.61 percent to 5,517 and the BSE mid-cap index slipped 0.34 percent while the small-cap index closed virtually unchanged. The market breadth was slightly negative, with declining shares outpacing gaining ones by 1485 to 1306 shares on the BSE. Among the prominent decliners, mortgage lender HDFC fell 3 percent after the National Housing Bank said it would introduce some provisioning against standard good assets of housing finance companies. Metal stocks such as Tata Steel, Sterlite, Jindal Steel and Hindalco Industries fell between 0.2 percent and 2.6 percent owing to weakness in metal prices on the London Metal Exchange overnight. Tata Motors extended its recent losses to end 2.3 percent lower after posting a 10 percent rise in May sales. Reliance Industries declined 1.7 percent after the annual general meeting on saying that it plans to expand into new business areas. SBI, ITC, TCS, DLF, BHEL and Jaiprakash Associates ended down by 1-2 percent. FMCG player Hindustan Unilever eased 0.8 percent on profit taking after climbing 3.5 percent in the previous session. ADAG stocks witnessed strong-buying after yesterday's plunge on the back of a favorite court ruling in the 2G scam case. Reliance Communication climbed 4 percent, Reliance Capital rose 2.6 percent, Reliance Power added 2 percent and Reliance Infrastructure rose 0.9 percent. Infosys and Wipro posted modest gains, automaker such as Bajaj Auto, Maruti Suzuki and Mahindra & Mahindra rose by 0.3-1.0 percent, and engineering & construction giant closed up 2.2 percent. Sun TV Network, which plunged 28 percent a day before, climbed 4.2 percent after the broadcasting firm denied that it played a vital role in the 2G spectrum scandal. Group firm SpiceJet closed up 2.2 percent after tumbling 16 percent in the previous session. Titan Industries edged up 0.3 percent, a day after the watch-to-jewelery major said it would merge its wholly-owned subsidiary Titan Properties with itself. Maxwell Industries soared 5.8 percent ahead of a board meet to consider business restructuring. Coal India fell 2.8 percent on fears that it will have an adverse impact on coal production because of a recent order from the environment ministry. Monsanto India plunged 6.1 percent after it denied delisting talk. Clutch Auto slumped 6.6 percent on profit taking after climbing 43 percent in the past two sessions. Elsewhere, the other major Asian stock markets closed mostly lower on Friday, with the Chinese market bucking the downtrend, as investors pared long positions ahead of the all-important May jobs report that is likely to show employers hired fewer workers in May. With Wednesday's surprisingly weaker ADP report sending world-wide stocks tumbling a day before, investors pared expectations for the non-farm payroll report. Moody's warning late Thursday that it may place the U.S. government's Aaa rating under review for a possible downgrade also dented sentiment to some extent. European stocks were modestly higher, while the U.S. index futures pointed to a slightly lower start. Crude prices were slightly lower below $100 a barrel as recent weak economic data and high crude stockpiles discouraged fresh buying despite a weak U.S. dollar. |
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| | Forex Top Story | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Euro Down On Risk Aversion After Dreadful U.S. Jobs Report The euro was generally weaker on Friday as traders trimmed exposure to risky assets following a dismal U.S. jobs report. Employment rose far less than expected in May to record its weakest reading since September, driving the jobless rate to 9.1 percent. The U.S. economy showed a net gain of 54,000 jobs in May, far lower than the 170,000 predicted by most economists and well short of the addition of 232,000 jobs in April. While the transitory impact of Japan's earthquake and soaring energy costs may have been a major factor in May's putrid numbers, the report cemented the belief that the economic recovery has stalled in 2011. The U.S. data overshadowed encouraging developments in the Greek debt debacle. Reports said that Greece has agreed to 6.4 billion in austerity measures in return for additional rescue funds from the European Union and the International Monetary Fund. Eurozone private sector growth eased to a five-month low in May, Markit Economics said Friday. The final composite output index fell to 55.8 in May from 57.8 in April. However, the index stayed above the flash estimate of 55.4 and signaled expansion in each of the last 22 months. The euro wobbled in the aftermath of the U.S. jobs, initially touching a monthly peak of $1.4530 before dropping almost a penny. Notable weakness drove the euro to Y116 versus the yen, down from Y117. The euro leveled off against the sterling after strong gains in the previous few sessions. The euro fetched GBP 0.8865, down a bit from a monthly high a whisker from GBP 0.89. The euro edged back toward this weeks record lows versus the Swiss franc, slipping to CHF 1.2130. In economic news from around the globe, China's private sector economy expanded at a faster pace in May on the back of strong growth in services output, while inflation cooled to a multi-month low amid Beijing's aggressive policy tightening. The results of a survey by Markit Economics showed today that the HSBC composite output index, that measures activity in both manufacturing and service sectors, rose to a four-month high of 52.8 in May from 51.7 in April. U.K. service sector expanded for a fifth straight month in May, but at a slower pace than in the previous month, data from Markit Economics showed Friday. The headline Markit/Chartered Institute of Purchasing & Supply (CIPS) Business Activity Index posted 53.8 in May, down from the previous month's 54.3. |
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