Stock futures trade higher ahead of jobs report

Business

Fox Business 02 July, 2021 - 02:20am 34 views

Quotes delayed at least 15 minutes. Real-time quotes provided by BATS BZX Real-Time Price. Market Data provided by Interactive Data (Terms & Conditions). Powered and Implemented by Interactive Data Managed Solutions. Company fundamental data provided by Morningstar. Earnings estimates data provided by Zacks. Mutual fund and ETF data provided by Lipper. Economic data provided by Econoday. Dow Jones & Company Terms & Conditions.

This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

Sarge986 president Stephen Guilfoyle gives his stock picks -- including tech, renewable energy.

U.S. equity futures are trading higher ahead of the release of the most anticipated economic report of the month.

The major futures indexes suggest a gain of 0.1% when the Friday trading session begins on Wall Street.

The Labor Department is expected to say the U.S. economy added 700,000 new nonfarm jobs last month. That would be up from a weaker-than-expected gain of 559,000 thousand in May, largely reflecting a labor shortage.

The unemployment rate is anticipated to slip to 5.7% from 5.8% in May, which marked the lowest since March 2020 and was the first reading below 6% since then. 

Also on the economic agenda, the Commerce Department is out with the U.S. trade balance for May. The monthly deficit in goods and services is expected to widen to $71.4 billion from a $68.9 billion deficit in April. 

May factory orders will also be released. They’re forecast to rise 1.6%, rebounding from a 0.6% slide in April:

Shares were mostly higher in Asia on Friday, though markets in Shanghai and Hong Kong declined a day after the Chinese Communist Party marked its centenary with tough talk by Chinese President Xi Jinping.

Japan’s benchmark Nikkei 225 added 0.3%, Hong Kong’s Hang Seng slipped 1.8% and China's Shanghai Composite lost 1.9%.

In Europe, London's FTSE added 0.2%, Germany's DAX gained 0.5% and France's CAC rose 0.2%.

On Wall Street on Thursday, the benchmark S&P 500 touched a new record in anticipation of a positive U.S. jobs report.

The S&P 500 index rose 0.5% on Thursday to 4,319.94, marking its sixth straight gain and fourth consecutive record high. The Dow Jones Industrial Average gained 0.4% to 34,633.53. The technology-heavy Nasdaq Composite added 0.1% to 14,522.38.

In the energy market, benchmark U.S. crude slipped 3 cents to $75.20 a barrel. Brent crude, the international standard, gave up 9 cents to $75.75 barrel.

This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

Read full article at Fox Business

China, Hong Kong stocks eye worst drop in over three months on economic growth concerns

The Edge Markets MY 02 July, 2021 - 08:03am

by Title: @title "the edge malaysia"

by category: @category "corporate" "hot stock” 

Combine search:  "high speed rail" @author "Bhattacharjee" @category "From the Edge"

Searching either words : 1MDB MAS 

Searching all words : “Genting Berhad”

SHANGHAI (July 2): China stocks are on pace to post their biggest one-day drop in more than three months on Friday, on concerns over slowing economic growth and tighter credit conditions.

Hong Kong stocks also fell, led by technology shares, amid broader weakness in Asia.

"Increased tightening fears out of China combined with greater uncertainly around the impact of the delta variant may have steered confidence sharply lower amongst Asia investors," State Street Global Markets said in a statement.

The CSI300 index fell 2.4% to 5,105.72 points at the end of the morning session, while the Shanghai Composite Index lost 1.6% at 3,532.23 points. Both indexes are poised to fall the most since March 19 barring a sharp afternoon rebound.

In Hong Kong, the Hang Seng index dropped 1.6% to 28,365.36 points and the Hong Kong China Enterprises Index tumbled 2.1% to 10,441.09.

"The market is searching for clearer signs before turning more bullish, given macro growth hiccup and earnings recovery uncertainties ahead of upcoming results season," Morgan Stanley said in a note.

The brokerage lowered its forecast for China's second-quarter GDP due to broad-based macro weakness seen in April-June and as both manufacturing and non-manufacturing PMIs further dropped in June.

In China, aerospace defence and food & beverage fell more than 3%.

Hong Kong's Hang Seng Tech Index, which tracks some of China's biggest technology giants, dropped 3%.

The declines in China and Hong Kong were broad based, with property stocks faltering.

"Onshore and offshore capital markets will remain volatile amid tight credit conditions for developers and weak investor sentiment," Celine Yang, a Moody's Vice President and Senior Analyst, said in a statement on Friday.

Guo Xiaolin, fund manager at asset manager Boshi, advised investors not to be affected too much by short-term volatility. In the new energy vehicle sector, "if short-term mood swings knocked down share prices, it could be a good buying opportunity," Guo added.

We deliver news to your inbox daily

Copyright © 1999-2021 The Edge Communications Sdn. Bhd. All rights reserved.

Global shares rise, China falls after tough talk from Xi

Yahoo Finance 02 July, 2021 - 05:13am

France's CAC 40 edged down nearly 0.1% to 6,548.52. German's DAX gained 0.2% to 15,629.70. Britain's FTSE 100 edged up 0.1% to 7,134.65. The future for the Dow industrials was virtually unchanged at 34,511.0, and the S&P 500 future edged up less than 0.1%.

Japan’s benchmark Nikkei 225 added 0.3% to finish at 28,783.28. South Korea’s Kospi was little changed, inching down less than 0.1% to 3,281.78. Australia’s S&P/ASX 200 gained 0.6% to 7,308.60. But Hong Kong’s Hang Seng dropped 1.8% to 28,310.42, while the Shanghai Composite was also down nearly 2% at 3,518.76.

In his speech, Xi warned that anyone who tries to bully China “will face broken heads and bloodshed.”

He appeared to be hitting back at the U.S. and others that have criticized China's trade and technology polices, military expansion and human rights record. The harsh rhetoric also appeared aimed at a domestic audience. But coming at a time of sharp tension with Washington, it struck an ominous tone.

Concerns about the spread of the Delta variant of the coronavirus and whether vaccinations can contain it also are overhanging markets in Asia.

Fitch Solutions forecast in a report that Japan's economy will start to recover as growing numbers of people are vaccinated for COVID-19. Japan's vaccine rollout pace is about the same as the rest of Asia's, with about 10% of the population fully vaccinated. That lags the U.S. and much of Europe.

”We do note that the economic impact of the Covid-19 pandemic did create a significantly low base from which to grow from," Fitch said.

“The recovery in retail sales and consumer confidence will rely on the ability of the government to vaccinate enough of the population, so as to allow for the gradual easing of restrictions.”

Investors have been encouraged by data that show the economy continues its recovery from the pandemic. The latest U.S. weekly unemployment report showed the lowest number of claims for jobless aid since the pandemic walloped the economy. The highly anticipated U.S. jobs report for June comes out later in the day.

Employment has been one of the shakier areas of the economic recovery, lagging other measures such as consumer confidence and retail sales. Economists and analysts have said that a much fuller and more stable recovery depends on more people going back to work.

Economists surveyed by FactSet expect the U.S. economy created 675,000 jobs last month, and the unemployment rate fell to 5.7%.

The June jobs report is also being closely watched as a potential gauge for when the Federal Reserve might start easing its bond purchases and other measures that have kept interest rates low. Inflation fears have somewhat subsided, but investors are still trying to figure out whether rising inflation will be temporary or more long-lasting.

Investors will look to see if wages kept rising, which could add to inflation.

Benchmark U.S. crude rose 5 cents to $75.28 a barrel. Brent crude, the international standard, rose 2 cents to $75.86 barrel.

In currency trading, the U.S. dollar fell to 111.43 Japanese yen from 111.51 yen late Thursday. The euro cost $1.1829, down from $1.1847.

China will not allow itself to be bullied and anyone who tries will face “broken heads and bloodshed in front of the iron Great Wall of the 1.4 billion Chinese people,” President Xi Jinping said at a mass gathering Thursday to mark the centenary of the ruling Communist Party.

The Chinese Communist Party marked its centenary with tough talk by Chinese President Xi Jinping. That weighed on stocks in the region.

Chinese President Xi Jinping warned Thursday that anyone who tries to bully China “will face broken heads and bloodshed," in a defiant speech hailing the country's rise that elicited loud cheers from a carefully chosen crowd at a celebration of the centenary of the founding of the ruling Communist Party. In an hour-long speech, he also said the nation must stick to its one-party rule, emphasizing the communists' role in lifting China to global prominence. The rally — which featured a military flyover and people waving Chinese flags and singing patriotic songs — in some ways recalled the mass events held by Mao Zedong, communist China’s founding leader.

Sha’Carri Richardson’s participation in the Tokyo Olympics is in doubt following a failed drug test, as one of Team USA’s most marketable young stars faces banishment with the Games less than a month away. Richardson, the U.S. champion in the 100-meter dash, tested positive for marijuana at the U.S. Olympics Trials, according to the Gleaner, […]

Chinese leader Xi Jingping's speech echoed recent messages from Beijing as the U.S.-China relationship is viewed increasingly through the lens of strategic competition and national security.

BEIJING (Reuters) -China's President Xi Jinping on Thursday warned that foreign forces attempting to bully the nation will "get their heads bashed", and hailed a "new world" created by its people as the ruling Communist Party marked the centenary of its founding. In an hour-long address from Tiananmen Square, Xi pledged to build up China's military, committed to the "reunification" of Taiwan and said social stability would be ensured in Hong Kong while protecting China's security and sovereignty. "The people of China are not only good at destroying the old world, they have also created a new world," said Xi, China's most powerful leader since Mao Zedong, the founder of the People's Republic.

(Bloomberg) -- Alibaba Group Holding Ltd.’s largest individual shareholders Jack Ma and Joe Tsai pledged parts of their combined $35 billion stake in the e-commerce giant in exchange for significant loans from banks, the Financial Times reported, citing company documents.The share pledges were made by offshore companies controlling more than half of the duo’s stake in Alibaba, which stood at 5.8% as of December, according to the FT. The documents didn’t disclose the amount of the share pledges,

A Tesla Inc Model S Plaid electric vehicle burst into flames on Tuesday while the owner was driving, just three days after the $129,900, top-of-the-range car was delivered following its June launch, an attorney for the driver told Reuters. The driver, identified as an "executive entrepreneur", was initially not able to get out of the car because its electronic door system failed, prompting the driver to "use force to push it open," Mark Geragos, of Geragos & Geragos, said on Friday. The car continued to move for about 35 feet to 40 feet (11 to 12 meters) before turning into a "fireball" in a residential area near the owner's Pennsylvania home.

What to know about Robinhood’s plan to go public, Delta expected to become dominant U.S. strain, Branson aims to beat Bezos to space, and other news to start your day.

Hundreds of Chinese companies trade in the U.S., but which China stocks should you consider? Here are the best Chinese stocks to buy and watch.

The 82-year-old will become the oldest person to reach space.

(Bloomberg) -- OPEC+ allies were locked in a tense diplomatic standoff on Friday after a dispute that threatens to send oil prices sharply higher.As of early afternoon in London, the group had failed to find a way out of the impasse, with both sides entrenched in their demands, delegates said. If the negotiations fail, the fallback position is that there will be no increase in output, one of them said. That would squeeze an already tight market, risking a further inflationary price spike.A meeti

(Bloomberg) -- Slack Technologies Inc. is releasing new features to help people work with their colleagues whether in the office or at home, a sign of the stepped up competition around managing a hybrid workforce.Slack Huddles, one of the new tools, will let users have casual audio conversations across channels and direct messages on the workplace communications platform. Other features include the ability to create and play back video and audio recordings with a full transcript as well as an em

(Bloomberg) -- Robinhood Markets Inc. filed for an initial public offering, disclosing it became profitable last year only to have its losses skyrocket in the first quarter amid the so-called meme stock frenzy, in what’s expected to be one of the highest-profile listings the year.The company, which pitches its trading platform to novice investors, listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. Thursday’s registration stateme

President Xi Jinping celebrated the 100th anniversary of the Chinese Communist Party with a defiant speech about foreign powers and Taiwan.

Stocks were set for a mixed open after initial jobless claims beat estimates. Initial jobless claims fell to 364,000 in the latest week, better than the estimate of 390,000 claims and a new pandemic low. The market wants to see a high number of jobs added, but no so high that the Federal Reserve becomes more likely to take measures to cool the economy soon.

Global stock markets rose on strong European and U.S. shares on Thursday, with stocks brushing off a rapid re-acceleration in coronavirus cases and oil and the dollar extending their first-half rallies. On Wall Street, the S&P 500 reached its sixth consecutive all-time closing high on upbeat economic data, and European shares ended higher on a rally in crude prices. "Markets are digesting improved economic data and rising inflation, closely scrutinizing central bank communication for clues regarding the timing, process and magnitude of policy normalization," said Ben Randl, a senior analyst at Bank of America Merrill Lynch.

The NCAA has adopted an interim policy that suspends the rules of amateurism for college athletes one day before name, image, and likeness legislation was set to be enacted in eight states. With the implementation of this new rule, student-athletes in all 50 states will be able to benefit. “This is an important day for college athletes since they all are now able to take advantage of name, image, and likeness opportunities,” NCAA president Mark Emmert said in a statement on Wednesday.

India is the latest country to crack down on Bitcoin. But Wall Street still sees growth for exchanges like Coinbase as "staking" takes off.

Just when many investors all but ruled out S&P 500 technology stocks — they're storming back. And ETFs could be the ideal way for you to play.

China and Hong Kong stocks tumble after ‘broken heads and bloodshed’ speech from Xi

MarketWatch 02 July, 2021 - 01:06am

On Wall Street on Thursday, the benchmark S&P 500 touched a new record in anticipation of a positive U.S. jobs report, expected later Friday. Recent data have provided encouraging signs of a steady recovery from the pandemic.

In a speech Thursday, Xi warned that anyone who tries to bully China “will face broken heads and bloodshed.”

Xi appeared to be hitting back at the U.S. and others that have criticized China’s trade and technology polices, military expansion and human rights record. The harsh rhetoric also appeared aimed at a domestic audience. But coming at a time of sharp tension with Washington, it struck an ominous tone.

Investors also anticipate a pullback in central bank support for markets in China, analysts said.

Fitch Solutions forecast in a report that Japan’s economy will start to recover as growing numbers of people are vaccinated for COVID-19. Japan’s vaccine rollout pace is about the same as the rest of Asia’s, with about 10% of the population fully vaccinated. That lags the U.S. and much of Europe.

“We do note that the economic impact of the Covid-19 pandemic did create a significantly low base from which to grow from,” Fitch said.

“The recovery in retail sales and consumer confidence will rely on the ability of the government to vaccinate enough of the population, so as to allow for the gradual easing of restrictions.”

Investors have been encouraged by data that show the economy continues its recovery from the pandemic. The latest weekly unemployment report showed the lowest number of claims for jobless aid since the pandemic walloped the economy. The highly anticipated jobs report for June comes out Friday.

“Investors are eager to see whether or not the labor market continues to recover as quickly as expected,” said Charlie Ripley, senior investment strategist for Allianz Investment Management.

Employment has been one of the shakier areas of the economic recovery, lagging other measures such as consumer confidence and retail sales. Economists and analysts have said that a much fuller and more stable recovery depends on more people going back to work.

Economists surveyed by FactSet expect the U.S. economy created 675,000 jobs last month, and the unemployment rate fell to 5.7%.

The June jobs report is also being closely watched as a potential gauge for when the Federal Reserve might start easing its bond purchases and other measures that have kept interest rates low. Inflation fears have somewhat subsided, but investors are still trying to figure out whether rising inflation will be temporary or more long-lasting.

Investors will look to see if wages kept rising, which could add to inflation.

Oil prices jumped as OPEC met. The group of oil-producing countries is considering whether to increase production as the global economy recovers from the pandemic. Prices of oil and other raw materials have risen steadily this year as demand has increased. Oil gained 2.4% Thursday and is up 55% so far this year.

“Crude oil has really been the story of the day,” said J.J. Kinahan, chief strategist with TD Ameritrade. “Crude oil, because almost everybody is going to use gasoline directly to drive somewhere, that’s going to hit people’s pocket books a lot quicker and has a lot bigger effect.”

"We probably do not have to wait too long," for a crash in meme stocks like GameStop, the investor told Barron's.

China shares slip after Party's party, others firm ahead of U.S. jobs data

Reuters 01 July, 2021 - 10:27pm

Japan's Nikkei (.N225) gained 0.3% and most other markets held on to slim gains but MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.7%, due to decline in Chinese and Hong Kong shares.

Shanghai Composite (.SSEC) fell 1.2%, amid speculation the Chinese central bank could begin tightening monetary policy, and some possible unease among overseas investors over President Xi Jinping's warning to foreign powers in a speech to mark his party's centenary.

"It is hard to expect loose monetary conditions like before," said Masahiko Loo, portfolio manager at AllianceBernstein in Tokyo.

"Foreign investors are probably turning cautious after hawkish rhetoric from China's President Xi Jinping as well," he added.

Xi said any foreign forces attempting to bully China would will "get their heads bashed". [nL2N2OC3E1]

On Wall Street, the S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter began with upbeat economic data.

Jobless claims continued their downward trajectory, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low. read more

A separate index on U.S. manufacturing showed factory activity slipping to 60.6 last month from 61.2 in May but still staying above 50, which marks expansion in manufacturing.

Monthly nonfarm payroll data, due out later on Friday, is expected to show a 700,000 increase in June, and economists expect wage growth in June of around 0.4%.

While the prospects of a strong economic recovery underpin equity markets, investors remained nervous that a sharp recovery from the pandemic could push up inflation to an uncomfortable level for the U.S. Federal Reserve.

"The situation remains uncertain and no one would have their forecast with high degree of confidence now. Markets will be very sensitive to any upticks in inflation," said Tomo Kinoshita, global market strategist at Invesco.

In bond markets, the 10-year U.S. yield stood at 1.466% , largely staying below 1.5% in the past couple of weeks, in part thanks to subsiding inflation expectations.

In the currency market, the dollar was perched at a 15-month high on the yen and at multi-month peaks against other majors on Friday, as traders wagered strong U.S. labour data could lift it even further.

The dollar rose to as high as 111.66 yen , hitting its highest level since March last year.

The euro slipped to a three-month low of $1.1837 overnight and last stood at $1.1845.

The Australian dollar fell to $0.7461 , having slipped to its lowest level since December on Thursday.

Oil prices held firm on indications that OPEC+ producers could increase output more slowly than expected in coming months while rising global fuel demand causes supply to tighten.

OPEC+ delayed its ministerial meeting until Friday to hold more talks on oil output policy, OPEC+ sources said on Thursday, after the United Arab Emirates blocked a plan for an immediate easing of cuts and their extension to the end of 2022. read more

U.S. crude futures traded at $75.01 per barrel , having reached as high as $76.22 on Thursday, its highest since October 2018.

Our Standards: The Thomson Reuters Trust Principles.

U.S. job growth accelerated in June as companies, desperate to boost production and services amid booming demand, raised wages and offered incentives to draw millions of reluctant unemployed Americans back into the labor force.

The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.

The industry leader for online information for tax, accounting and finance professionals.

Information, analytics and exclusive news on financial markets - delivered in an intuitive desktop and mobile interface.

Access to real-time, reference, and non-real time data in the cloud to power your enterprise.

Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.

All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.

© 2021 Reuters. All rights reserved

Stocks in mainland China and Hong Kong fall around 2%; oil prices dip

CNBC 01 July, 2021 - 06:38pm

SINGAPORE — Asia-Pacific stocks were mixed on Friday as investors looked ahead to a closely-watched U.S. jobs report set to be released later.

Mainland Chinese stocks were among the biggest losers regionally as the Shanghai composite fell 1.95% on the day to 3,518.76 while the Shenzhen component dropped 2.448% to close at 14,670.71. Hong Kong's Hang Seng index declined 1.8% to finish the trading day at 28,310.42.

Elsewhere, the Nikkei 225 in Japan nudged 0.27% higher to close at 28,783.28 while the Topix index gained 0.88% to 1,956.31. South Korea's Kospi finished the trading day little changed at 3,281.78.

Shares in Australia rose as the S&P/ASX 200 advanced 0.59% to close at 7,308.60.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.95%.

Investor focus on Friday was likely on the U.S. Labor Department's monthly jobs report, set to be out on Friday. Economists expect nonfarm payrolls grew by 706,000 jobs in June and the unemployment rate fell to 5.6% from 5.8%, according to Dow Jones.

Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures falling 0.45% to $75.50 per barrel. U.S. West Texas Intermediate crude futures shed 0.35% to $74.97 per barrel.

U.S. crude futures on Thursday hit their highest level since October 2018, while Brent jumped 2%.

The moves came as a meeting among OPEC and its allies, an energy alliance often called OPEC+, was delayed to Friday. The delay came after the United Arab Emirates objected to a new oil deal, Reuters reported Thursday, citing OPEC+ sources.

"Our bullish tilt on crude oil remains," analysts at OCBC Treasury Research wrote in a Friday note. "We expect some form of reduced compromise to be ironed out by today."

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.651 after rising from below 92.1 earlier this week.

The Japanese yen traded at 111.46 per dollar, still weaker than levels below 110.8 seen against the greenback earlier in the week. The Australian dollar changed hands at $0.7457 following its slip from above $0.755 earlier in the trading week.

Got a confidential news tip? We want to hear from you.

Sign up for free newsletters and get more CNBC delivered to your inbox

Get this delivered to your inbox, and more info about our products and services. 

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Business Stories