Markets mixed after cooler US labor market data - 8.7.2024

Senior Analytical Expert

Articles:861

Todays’ Market Summary

The Dollar weakening has halted currently.
US stock indexes futures are mixed currently
Brent is lower currently.
Gold prices are retracing lower currently

Top daily news

Global equity indexes are pointing in different directions currently after US stocks advanced on Friday following mixed nonfarm payrolls report. Nvidia stock fell 1.9% underperforming market while New Street Research downgraded Nvidia shares to neutral from buy in an industry report tagged a “health check” on artificial-intelligence stocks, Tesla stock rose 2.1% on Friday.

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Forex news

Currency Pair	Change
EURUSD	-0.1%
GBPUSD	-0.1%
USDJPY	+0.1%

The Dollar weakening has halted currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.3% lower on Friday.

Both GBP/USD and EUR/USD accelerated their climbing on Friday while data showed the recovery in euro area retail sales was smaller than forecast in May. Both Pound and euro are lower against the Dollar currently. USD/JPY accelerated its sliding while AUD/USD accelerated its advancing on Friday with both the yen and the Australian dollar lower against the Greenback currently as data showed Australian home loans unexpectedly shrank in May.

Stock Market news

Indices	Change
DJI	-0.1%
NIKKEI	-0.1%
HK50	-0.6%
AU200	-0.2%

US stock indexes futures are mixed currently after ending up on Friday. The three main US stock benchmarks recorded daily gains in a range from 0.2% to 0.9% with the SP 500 and Nasdaq closing at fresh highs after Labor Department reported US economy added fewer new jobs in June than the prior month while the unemployment rate ticked up.

European stock futures are higher after closing lower on Friday led by energy and bank shares. Asian stock indexes futures are lower today with Hong Kong’s Hang Seng index leading losses against the background of deteriorating sentiment after the European Union imposed tariffs on the import of Chinese electric vehicles despite objections from Beijing.

Commodity Market news

Commodities	Change
#C-BRENT	-0.1%
OIL	-0.1%

Brent is lower currently. Prices ended 1% lower on Friday while Prime Minister Benjamin Netanyahu's office said negotiations on a Gaza ceasefire and hostage release will resume next week though gaps remain between the sides. US West Texas Intermediate WTI slid 0.9% and is lower currently. Brent lost 1.02% to $86.54 a barrel on Friday. For the week, Brent rose 0.4% while WTI futures posted a 2.1% rise.