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Daily Review 07.10.2016
 

US stocks steady, European shares skid as market awaits key jobs data

Equity markets in US finished just above the flat line while indices across Europe were thrown in the negative territory on Thursday session as investors became a little cautious ahead of key US employment report set to be released today.

Economists are expecting that the September non-farm payroll will increase by 175 000 and that an upbeat US job data could further boost chances of an interest rate hike by the Federal Reserve later this year.

The three major indices in New York had to slightly falter in the earlier trading session before managing to recover some grounds and finished steady in the close.

The energy sector, S&P 500, added 1.04 points, or 0.5% to settle at 2 160.77. The NASDAQ Composite shed 9.17 points, or 0.17%, to finish at 5 306.85 as its Biotechnology ETF dropped by more than 2% while the Dow Jones industrial average futures lost 12.53 points, or 0.07%, to close at 18 268.5.

Meanwhile in Europe, UK’s FTSE 100 futures finished 0.47% down due to solid losses recorded by the sterling against the greenback. The pan-European STOXX 600 closed 0.4% while France’s CAC and Germany’s DAX slid down 0.22% and 0.16% respectively.

Oil back at above $50 as talks on another OPEC meeting looms

Oil futures finished above $50 on Thursday session as OPEC members are set to attend another meeting regarding output cuts.

Russia’s energy mister together with a number of oil ministries of the Organization of Petroleum Exporting Countries are bound for an energy conference in Istanbul to make further decision on production freeze.

With the news, oil prices closed 1% higher and hit a four-month high at above $50 level, the highest since June.

International benchmark Brent crude futures added 68 cents, or 1.3% to close at $52.54 per barrel while the West Texas Intermediate finished at %50.44 after a 1.2% rise, adding 61 cents.


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