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Morning Market Update: Quite Night, Quite Morning?

Global markets had a mixed start to the new trading week amid caution ahead of a deluge of important economic data due for release this week.

There were single digit moves in the major US indices, as investors braced for tonight’s non-farm payrolls data for September. The US jobs data was delayed for almost three weeks due to the government shutdown.

There was muted reaction to a bigger than expected drop in September existing home sales, as rising prices and borrowing rates discouraged potential borrowers.

Nonetheless, the Nasdaq achieved its fourth consecutive winning session and the S&P500 made another record high.

The Nasdaq rose six points (+0.2%) to 3920, the S&P500 put on one point to 1745 whilst the Dow slipped eight points (-0.1%) to 15392.

Oil was the big focus in commodity markets, sliding below $100 a barrel for the first time since early July after data showed a bigger-than-expected rise in weekly US crude stockpiles.

The greenback recovered some of its recent losses against its major counterparts, but a weak jobs report tonight could spark another round of dollar selling as more traders price in no change to Fed stimulus until 2014.

There is no major economic data due for release today.

Morning Market Update: Quite Night, Quite Morning? is a post from: Australian Stock Report Market Pulse Blog

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