Friday, September 3, 2010

20100903 1010 Global Market News.

Gold steady as investors eye U.S. jobs data
SHANGHAI, Sept 3 (Reuters) - Gold prices were steady, with buyers cautious on the physical market, as investors awaited key U.S. job data due later in the day to scrounge further clues on health of the economy.
"In the case of disappointing U.S. employment data, we could see gold test the historical high of $1,265 tonight," said Louis Lok, a dealer at Bank of China in Hong Kong, adding that even though market sentiment was close to being overbought, bullion
was still likely to move higher.

Asia stocks edge up ahead of key US jobs data
SYDNEY, Sept 3 (Reuters) - Asian stocks squeezed higher on Friday but gains were tentative ahead of all-important U.S. jobs data that tends to swing markets.
"It would have to be a big negative surprise to derail sentiment," said Tim Condon, the head of research at ING in Singapore, of the jobs data. "We think investors are braced for a negative payrolls surprise."

OIL: Crude slips ahead of U.S. jobs data, Hurricane Earl
SINGAPORE, Sept 3 (Reuters) - U.S. crude fell on Friday for the first day in three as traders awaited monthly U.S. employment data, while Hurricane Earl approached the country's east coast, fuelling concerns of disruptions to refineries and demand during the Labor Day long weekend. "Although Hurricane Earl presents a potential threat to petroleum refineries and seaports, current relatively high inventory levels for most petroleum products should lessen concerns about possible supply outages," the EIA said.

GLOBAL MARKETS-Stocks rise on upbeat data; payrolls in focus
NEW YORK, Sept 2 (Reuters) - Stocks and oil rose while U.S. Treasuries fell on Thursday as U.S. data showed the world's largest economy did not appear to be falling back into recession.
"Money seems to be flowing out of bonds and into the stock market," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati. 

US manufacturing grows in Aug, private jobs cut
WASHINGTON/NEW YORK, Sept 1 (Reuters) - The U.S. manufacturing sector grew faster than expected in August, but private employers unexpectedly cut jobs, showing the economic recovery still faces headwinds.
The 13th straight month of manufacturing expansion calmed fears that the U.S. economy may fall back into recession, but the drop in employment and a slump in July construction spending to a 10-year low kept concerns about slow economic growth alive.

US auto sales post weakest August since 1983
DETROIT, Sept 1 (Reuters) - Automakers posted their weakest U.S. August sales in 27 years, underscoring uncertainty about the strength of the recovery in the world's largest economy.
Sales dropped 21 percent from the government incentive-fueled boom a year ago. Monthly auto sales data represents one of the first and broadest-based snapshots of consumer demand.

FOREX-Euro edges up; market cautious before Trichet
LONDON, Sept 2 (Reuters) - The euro edged up on Thursday after healthy results at Spanish and French bond auctions but investors cautiously awaited comments from European Central Bank President Jean-Claude Trichet.
"Markets are a little cautious. If Trichet does sound concerned about the outlook then that would be negative for the euro," said Niels Christensen, currency strategist at Nordea in Copenhagen.

Stocks hit 2-wk high on manufacturing optimism
LONDON, Sept 2 (Reuters) - World stocks hit a two-week high and oil prices rose as optimism from strong U.S. and Chinese manufacturing data extended into a second day ahead of a euro zone interest rate decision and key U.S. jobs data.
"You're getting a lot of quick, knee-jerk reactions in both directions. These disparate pieces of economic data are being reacted to but the information is by no means clear," said Angus Gluskie, portfolio manager at White Funds Management in Australia.

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