Stock index futures closed lower ending a four day winning
streak.The catalyst behind the weakness
was an ISM report showing that the U.S. services industry contracted
at a greater pace than estimated.This
report revealed that the services sector was lagging behind the manufacturing
sector which showed improvement earlier in the week.
ADP reported this morning that about 350,000 U.S. jobs were
lost during July.This report indicates
unemployment is likely to continue to fall.Stock traders attributed early weakness to both the bad ISM number and
the loss of jobs.
Equity markets mounted a strong recovery throughout the day
but were unable to reach overnight highs.Technically, all three major U.S. indices posted closing price
reversal tops, but need a follow-through break tomorrow through today‚Äôs lows to
confirm the short-term top formation.
Treasury futures had a volatile trading day.Overnight September Bonds and Notes traded
weaker but were able to move to the plus side following the stock market
break.When the equity markets were
unable to break further, bonds and notes once again headed south.The down move accelerated following the
announcement of a new $75 billion Treasury auction next week.This break proved that traders are still
concerned about the huge supply of debt issued by the U.S.
The Dollar lost ground to most major currencies after the
equity market break stopped.News of
another auction by the Treasury helped weaken the Dollar.The September British Pound maintained its up
trend throughout the day on expectations the Bank of England will temporarily
halt is asset-buyback program.In
addition, two better than expected U.K. reports showed that the
economy may be righting itself.
December Gold finished lower for the day but well off of its
lows.Early strength in the Dollar
pushed gold down early but this market was able to recover from the break as
the Dollar weakened throughout the day.
September Crude Oil fell sharply lower early in the trading
session as the government reported an increase in crude oil inventories.The energy complex was able to recover from
the earlier break as the Dollar weakened throughout the trading session.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
John M. Bland, MBA co-founding Partner, Global-View.com
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