International markets arrested the recent slide overnight, finally putting some green ink on the screen.
In Europe the FTSE advanced 14 points (+0.3%) to settle at 5544, whilst the CAC (+0.4%)and DAX (+0.7%) enjoyed stronger gains.
Stateside, the Dow Jones put on 20 points (+0.2%) to settle at 12855, whilst S&P (+0.3%) and Nasdaq (-0.1%) were mixed.
Claims for unemployment benefits declined last week to the lowest level in a month, easing concern that the US labor market is faltering.
Claims are returning to levels reached in February and March, indicating a surge last month probably reflected difficulty in adjusting the data for an Easter holiday that came earlier this year than last.
Declines in dismissals point to a brighter labor market that would help sustain consumer spending after payroll growth slowed last month.
This morning Dow futures are off around 50 points after market JP Morgan reported a $2 Billion loss on synthetic positions.
The Aussie dollar remains depressed and is currently buying US$1.0065, whilst the euro rose from a three-month low as Europe’s bailout fund confirmed that aid to Greece had been received and officials reported progress forming a government, easing concern the nation will leave the monetary union.
Oil rose for the first time in seven days as US claims for initial jobless benefits fell last week to a one-month low, adding to optimism that demand in the world’s biggest crude consumer will grow.
Crude for June delivery added 27 cents to settle at US97.08 a barrel, whilst copper (+0.6%) also gains ground but gold (-0.1%) finished weaker.
There is no major local economic data due out during today’s session but there is Chinese CPI and PPI data which could impact our market