Morning (AM) Market Report

Details

Published on Friday, 02 September 2016 00:00

U.S stocks rose overnight ahead of the much-anticipated August job reports which are due later today U.S. time. These results may contribute to the expected interest rate increase decision by the Federal Reserve.

Friday, 2nd September, 2016

At the closing bell, the Dow Jones rose 0.1%, the S&P 500 remained flat and the NASDAQ rose 0.3%. The Institute for Supply Management manufacturing index fell 3.2% in August. The reading of 49.4% is below the 50% mark that signals contraction. The Markit manufacturing purchasing managers index also fell 0.9% to 52% in July.

Retail giant Wal-Mart Stores Inc WMT rose after media reports confirmed plans to eliminate 7,000 jobs. VimpelCom VIP and CK Hutchison received approval from EU regulators to merge their respective Wind and 3 Italia operations into a 50/50 joint venture. The deal still requires national regulatory approvals.

For Australian ADRs listed on the NYSE, BHP Billiton rose 23 cents (0.77 %) to $30.23, ResMed gained 41 cents (0.61%) to $67.12, Telstra Corporation slipped 6 cents (-0.30%) to $19.70 and Westpac gained 18 cents (0.81%) to $22.29. At 7:45 am (AEDT), the 10-year Treasury note yield was 1.57% and the 5-year yield was 1.18%.

European markets were mostly lower on Thursday. The FTSE 100 and Germany's DAX both fell 0.5% while the French CAC 40 remained flat. Asian markets were mixed. The Hang Seng was up 0.8%, the Nikkei 225 rose 0.2% and the Shanghai Composite dropped 0.7%. India's Sensex fell 0.1%. Ahead of the local open SPI futures were 12 points lower at 5,394.