Positive Reaction To Data May Contribute To Initial Strength On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Thursday, 14 September 2023 09:41:07 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Thursday, with stocks likely to see initial strength following the lackluster performance seen in the previous session. The futures held on to earlier gains even as the Labor Department released a report showing producer prices in the U.S. increased by more than expected in month of August. The Labor Department said its producer price index for final demand advanced by 0.7 percent in August after climbing by an upwardly revised 0.4 percent in July. Economists had expected producer prices to rise by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month. The report also said the annual rate of producer price growth accelerated to 1.6 percent in August from 0.8 percent in July. The annual rate of growth was expected to accelerate to 1.2 percent. Positive sentiment may have been generated in reaction to a Commerce Department report showing U.S. retail sales increased by much more than expected in the month of August. The report said retail sales climbed by 0.6 percent in August after rising by a downwardly revised 0.5 percent in July. Economists had expected retail sales to inch up by 0.2 percent compared to the 0.7 percent increase originally reported for the previous month. Excluding sales by motor vehicles and parts dealers, retail sales still rose by 0.6 percent in August following a 0.7 percent advance in July. Ex-auto sales were expected to rise by 0.4 percent. A separate report released by the Labor Department showed first-time claims for U.S. unemployment benefits edged up by less than expected in the week ended September 9th. The report said initial jobless claims crept up to 220,000, an increase of 3,000 from the previous week's revised level of 217,000. Economists had expected jobless claims to rise to 225,000 from the 216,000 originally reported for the previous week. Stocks showed a lack of direction over the course of the trading session on Wednesday, with the major averages bouncing back and forth across the unchanged line as traders digested a highly anticipated report on consumer price inflation. The major averages eventually ended the session mixed. While the Dow dipped 70.46 points or 0.2 percent to 34,575.53, the S&P 500 inched up 5.54 points or 0.1 percent to 4,467.44 and the Nasdaq rose 39.97 points or 0.3 percent to 13,813.59. The choppy trading on Wall Street came following the release of the Labor Department's report on consumer price inflation in the month of August. The report said the consumer price index climbed by 0.6 percent in August after inching up by 0.2 percent in July. The increase matched expectations. Excluding food and energy prices, core consumer prices rose by 0.3 percent in August after edging up by 0.2 percent in July. Economists had expected another 0.2 percent uptick. The Labor Department also said the annual rate of consumer price growth accelerated to 3.7 percent in August from 3.2 percent in July. The annual rate of growth was expected to accelerate to 3.6 percent. Meanwhile, the report said the annual rate of growth by core consumer prices slowed to 4.3 percent in August from 4.7 percent in July, in line with economist estimates. While the data reinforced expectations the Federal Reserve will leave interest rates unchanged next week, many economists feel the slightly bigger than expected monthly increase in core prices leaves the door open for another rate hike before the end of the year. "We expect Fed officials to look past the rise in headline CPI, but the uptick in the core CPI is reminder that the risks remain tilted toward additional rate hikes," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics. Following the report, CME Group's FedWatch Tool is indicating a 97.0 percent chance the Federal Reserve will leave interest rates unchanged next week. The outlook for November remains more mixed, however, with the FedWatch Tool indicating a 58.0 percent chance rates will remain unchanged and a 40.8 percent chance of another quarter point rate hike. Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets. Airline stocks showed a substantial move to the downside, however, with the NYSE Arca Airline Index plunging by 3.3 to a four-month closing low. America Airlines (AAL) led the sector lower, plummeting by 5.7 percent after lowering its third quarter earnings guidance due to higher fuel costs and expenses related to a new labor agreement. Significant weakness was also visible among oil service stocks, as reflected by the 2.2 percent slump by the Philadelphia Oil Service Index. The index pulled back off its best closing level in over four years as the price of crude oil gave back ground after reaching a ten-month high. Housing and commercial real estate stocks also showed notable moves to the downside on the day, while considerable strength was visible among utilities stocks. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( First-time claims for U.S. unemployment benefits edged up by less than expected in the week ended September 9th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims crept up to 220,000, an increase of 3,000 from the previous week's revised level of 217,000. Economists had expected jobless claims to rise to 225,000 from the 216,000 originally reported for the previous week. Meanwhile, the Labor Department said the less volatile four-week moving average edged down to 224,500, a decrease of 5,000 from the previous week's revised average of 229,500. A separate report released by the Labor Department on Thursday showed producer prices in the U.S. increased by more than expected in month of August. The Labor Department said its producer price index for final demand advanced by 0.7 percent in August after climbing by an upwardly revised 0.4 percent in July. Economists had expected producer prices to rise by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month. The report also said the annual rate of producer price growth accelerated to 1.6 percent in August from 0.8 percent in July. The annual rate of growth was expected to accelerate to 1.2 percent. The Commerce Department also released a report on Thursday showing U.S. retail sales increased by much more than expected in the month of August. The report said retail sales climbed by 0.6 percent in August after rising by a downwardly revised 0.5 percent in July. Economists had expected retail sales to inch up by 0.2 percent compared to the 0.7 percent increase originally reported for the previous month. Excluding sales by motor vehicles and parts dealers, retail sales still rose by 0.6 percent in August following a 0.7 percent advance in July. Ex-auto sales were expected to rise by 0.4 percent. At 10 am ET, the Commerce Department is due to release its report on business inventories in the month of July. Business inventories are expected to inch up by 0.1 percent in July after coming in unchanged in June. The Treasury Department is scheduled to announce the details of this month?s auction of twenty-year bonds at 11 am ET. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Europe European stocks have moved mostly higher on Thursday after a highly anticipated U.S. inflation report cemented the case for a Federal Reserve rate pause next week. Meanwhile, the European Central Bank announced a 10th consecutive interest rate hike, raising its key rate by 25 basis points as widely expected amid ongoing inflation concerns. ?Based on its current assessment, the Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target,? the ECB said in a statement. The central bank added, ?The Governing Council?s future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary.? While the U.K.?s FTSE 100 Index has jumped by 1.0 percent, the French CAC 40 Index is up by 0.4 percent and the German DAX Index is up by 0.2 percent. Trainline has moved sharply higher. The British online rail ticket seller has unveiled a £50 million share buyback after reporting faster-than-expected growth in the first half of its financial year. Nordex SE, a turbine manufacturer, has also jumped after it received an order from renewable energy company BayWa r.e to supply and install 24 N163/5.X turbines from the Delta4000 series in Spain. Meanwhile, LondonMetric Property is slightly lower. The real estate investment trust has announced the sale of a portfolio of four multi-let industrial estates, to Hines, for 40.5 million pounds, reflecting a NIY of 6.2 percent. Automakers BMW, Mercedes Benz, Volkswagen and Renault have also fallen after Beijing blasted the launch of a probe by the European Commission into China's electric vehicle (EV) subsidies as protectionist. Thyssenkrupp has also fallen after an announcement that the conglomerate would reorganize its portfolio and combine business units with key technologies useful for the decarbonization of industry. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks rose broadly on Thursday after a highly anticipated U.S. inflation report did little to alter market expectations for the path of rate hikes. Fed funds futures currently imply no chance of a rate hike next week and about a 45 percent chance of another hike by year's end. The dollar retreated and the euro advanced ahead of a European Central Bank meeting later today, with the central bank expected to announce another increase in interest rates to tackle inflation across the euro zone. Gold was a tad lower in Asian trading and regional bond yields dropped in response to U.S. Treasuries following the release of U.S. inflation data, while oil prices rose about 1 percent after settling lower on Wednesday. Chinese stocks ended slightly higher despite the European Union launching an anti-subsidy investigation into electric vehicles coming from China. The Shanghai Composite Index edged up 0.1 percent to 3,126.55, while Hong Kong's Hang Seng Index rose 0.2 percent to 18,047.92. Japanese shares rallied after overnight data showed underlying U.S. inflation remained on a downward trajectory. Investors shrugged off government data showing that Japan's core machinery orders fell more than expected in July in the face of sluggish global growth and weakness in major market China. The Nikkei average jumped 1.4 percent to 33,168.10, marking a one-week high. The broader Topix Index closed 1.1 percent higher at 2,405.57, with heavyweight Fast Retailing and technology stocks leading the surge. Advantest and Tokyo Electron jumped 2-3 percent. H.I.S. plunged 7.2 percent after the travel agent reported a 5.6-billion-yen ($38.06 million) net loss for the nine months through July. Seoul stocks posted strong gains to hit over one-week highs, with Samsung Electronics, Naver, LG Energy Solution and SK Hynix climbing 1-3 percent. Leading pharmaceutical firm SK Biopharm soared 6.9 percent. The Kospi surged 1.5 percent to 2,572.89, touching the highest since September 5. Australian markets advanced after data showed a surge in employment in August. The report revealed 65,000 more Australians had a job in the month. The benchmark S&P ASX 200 Index rose 0.5 percent to 7,186.50, while the broader All Ordinaries Index settled half a percent higher at 7,382.70. Across the Tasman, New Zealand's benchmark S&P NZX-50 Index ended down 0.4 percent at 11,313.53. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are surging $1.51 to $90.03 a barrel after falling $0.32 to $88.52 a barrel on Wednesday. Meanwhile, after edging down $2.60 to $1,932.50 an ounce in the previous session, gold futures are sliding $8.50 to $1,924 an ounce. On the currency front, the U.S. dollar is trading at 147.47 yen versus the 147.46 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0674 compared to yesterday?s $1.0730. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49