Thursday 2nd July: Investors await US jobs data

IC Markets No Comments

Global Markets:

  • Asian Stock Markets : Nikkei up 0.11%, Shanghai Composite up 2.13%, Hang Seng up 2.71%, ASX up 1.66%
  • Commodities : Gold at $1781.60 (+0.10%), Silver at $18.24 (+0.09%), Brent Oil at $42.48 (+1.07%), WTI Oil at $40.25 (+1.08%)
  • Rates : US 10-year yield at 0.674, UK 10-year yield at 0.204, Germany 10-year yield at -0.399

News & Data:

  • (AUD) Trade Balance 8.03B vs 9.00B expected
  • (USD) ISM Manufacturing PMI 52.6 vs 49.5 expected
  • (USD) ADP Non-Farm Employment Change 2369K vs 2850K expected
  • Fauci: US Faces ‘Serious Situation’ With Coronavirus Pandemic
  • S. House Passes China-Sanctions Bill on Hong Kong Law

Markets Update:

Asian stock markets are rising on Thursday following the mostly positive cues overnight from Wall Street on optimism about a potential coronavirus vaccine as well as on upbeat U.S. manufacturing data. Investors now look ahead to the U.S. Labor Department’s closely watched monthly employment report for June to be released later today.

The Hang Seng index in Hong Kong led gains among the region’s major markets, rising 2.7%, as of its final hour of trading. Tensions were closely watched after China’s controversial national security law went into effect Tuesday and Hong Kong police announced their first arrests under the measure Wednesday. Mainland Chinese stocks also saw robust gains on the day, with the Shanghai composite rising 2.1% and the Shenzhen component adding 1.3%. Meanwhile, Australia’s S&P/ASX 200 jumped 1.7%. In Japan, the Nikkei 225 rose 0.1%.

The U.S. dollar index, which tracks the greenback against basket of its peers, was at 97.034 following an earlier high of 97.19. Elsewhere, oil prices climbed and gold eased while the dollar was steady as encouraging macro data prompted investors to take on more risk.

Upcoming Events:

  • 12:30 PM GMT – (USD) Average Hourly Earnings m/m
  • 12:30 PM GMT – (USD) Non-Farm Employment Change
  • 12:30 PM GMT – (USD) Unemployment Rate
  • 12:30 PM GMT – (USD) Unemployment Claims