Asian Markets are set to open the trading day higher as US stocks closed higher after investors increase hope of a turnaround in the Employment Data & clarification in France’s Credit Rating.
Overnight markets were choppy as stock markets were originally down after reports that Standard & Poor’s were to downgrade France’s Credit rating. Markets were sold off with the Euro breaching 1.35, however Standard and Poor’s later clarified that the downgrade was due to a technical glitch and that the nations triple-A credit rating remains unchanged.
US markets rallied on the back of positive jobless claims numbers. The number of people filing for unemployment benefits dropped to the lowest level in 7 months which improved investor sentiment.
The Dow rose 112.92 or 0.96% points to close the session at 11893.86. Only two of the Dow’s 30 components, Bank or America and American Express closed day in the lower, however all 10 sectors of the S&P500 were higher.
As mentioned above the EURUSD fell below 1.35 on the downgrade reports however closed the day back above 1.36 after Standard & Poor’s clarified the reports.
WTI Crude continued its march towards $100 closing up nearly 2% on the back on the jobless claims numbers. The oil was also buoyed after Federal Reserve Chairman Ben S. Bernanke said the central bank is concentrating “intently” on reducing unemployment and projects inflation will stay under control for the “foreseeable future.”
Gold futures fell again overnight after and was trading as far down as 1736.60 after failing to hold above $1800/ounce earlier in the week. Comex gold futures closed the day lower by 1.8% at $1759.60.
| INDICES | |
| Last Traded | |
| SPI 200 future | 4286 |
| S&P500 Index | 1239.7 |
| Dow Jones | 11893.86 |
| FTSE 100 Index | 5444.82 |
| COMMODITIES | |
| Last Traded | |
| Gold | 1758.10 |
| Oil (Nymex) | 97.60 |
| CURRENCIES | |
| Last Traded | |
| AUDUSD | 1.0150 |
| EURUSD | 1.3602 |
| GBPUSD | 1.5930 |
| USDJPY | 77.63 |