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Markets braced ahead of US jobs data

Published Thursday, July 3rd, 2014

Global stock indices had a quiet day yesterday as investors refrained from making bold bets ahead of today’s highly anticipated June US payroll report. Meanwhile, efforts were made to ease geopolitical tensions as Russia and Ukraine agreed to work together to pave the way for a new ceasefire while the latest round of nuclear talks with Iran got under way. However, trouble looked to be brewing in Asia where North Korea conducted a flurry of short-range rocket tests ahead of this week’s visit by the Chinese President tot Seoul.

Growth bulls were on the whole encouraged with the latest set of US economic data. In what was a mixed bag, the ADP reported that companies added 281,000 workers in June, far exceeding expectations of 200,000, whilst new factory orders slipped 0.5% in May. Moreover, markets took comfort from Janet Yellen’s latest speech in which she defended her decision to keep monetary policy loose. Nevertheless, in what was a session dominated by low volumes and narrow trading ranges, Wall St struggled to maintain its upward momentum. By the end of trading, the Dow and S&P 500 both eventually managed to eke out gains of 0.1% to end at another record close.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.