Global markets are mainly weaker on Friday amid weaker than expected U.S. GDP numbers.

European stocks fell, paring their biggest weekly rally in five months, as companies posted financial results that disappointed investors, while the U.S. economy grew at a slower-than-expected pace.

U.S. gross domestic product rose at a 2.5% annual rate, Commerce Department figures showed today. The median estimate of 86 economists surveyed by Bloomberg called for a 3% gain.

In London the UK’s FTSE 100 shed 16 points (-0.3%) to settle at 6426, whilst the German DAX lost 18 points (-0.2%) to close at 7815.

Stateside, the Dow Jones added 12 points (+0.1%), to 14713, whilst the S&P 500 lost three points (-0.2%) to 1582.

Gold futures fell, trimming the biggest weekly gain in 15 months, as the U.S. economy expanded less than forecast, driving commodities lower and crimping demand for the precious metal as a hedge against inflation.

Gold futures for June delivery declined 0.6% to settle at $1,453.60 an ounce on the Comex in New York.

Crude fell, trimming the biggest weekly increase since June, as the U.S. economy grew less than expected in the first quarter.

Oil for June delivery retreated 64 cents to settle at $93 a barrel on the New York Mercantile Exchange.

The US dollar held declines against most of its major peers after U.S. gross domestic product increased less than forecast in the first quarter, adding to concern the world’s biggest economy is struggling to grow.

There is no major local data due out for today’s session.

 

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Global markets eked out modest gains overnight, as a rally in commodity prices spurred energy and raw-material producers.

European stocks rose, rebounding from the biggest weekly drop in five months, as Italy elected a president and the Group of 20 refrained from opposing the Bank of Japan’s stimulus policies.

In London the UK’s FTSE 100 bucked the trend to close lower, shedding six points (-0.1%) to settle at 6281. In Germany the DAX added 18 points (+0.2%) to close at 7478.

Stateside, the Dow Jones put on 20 points (+0.1%), to settle at 14567, whilst the S&P 500 gained seven points (+0.5%) to 1563.

Crude rose to a one-week high as the Group of 20 nations approved of Japan’s stimulus program, bolstering speculation that fuel demand will climb in the third-biggest oil-consuming nation. Oil for May delivery climbed 75 cents to $88.76 a barrel on the NYMEX, the highest settlement since April 12.

The yen gained for the first time in five sessions after traders failed to push the currency through 100 per dollar, a level it last weakened to four years ago.

Today’s session will bring us data in the form of the CB leading index, at 10:00am, AEST.

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Global indices finished slightly stronger on Friday night, with positive US earnings reports supporting markets.

In London the UK’s FTSE 100 added 43 points (+0.7%) to settle at 6287, whilst the German DAX bucked the trend to settle 14 points weaker, at 7460.

For the week European stocks posted their biggest loss in five months as economic data from the U.S. to China and Germany missed estimates, prompting a selloff in the shares of commodity producers.

U.S. stocks rose on Friday night as earnings from Google and other companies lifted tech shares, but the gains weren’t enough to stop the S&P 500 from suffering its worst week since November.

The Dow Jones added 10 points (+0.1%) to settle at 14548, whilst the S&P gained 14 points (+0.9%) to close at 1555.

Gold futures topped $1,400 an ounce on signs that jewellers and other users of the metal are taking advantage of the biggest slump in prices in three decades.

Gold futures for June delivery climbed 0.2% to settle at $1,395.60 on the Comex in New York.

Crude advanced for a second session, paring its third weekly drop, on speculation that declines were excessive and as the euro increased against the greenback.

Oil for May delivery rose 28 cents to settle at $88.01 a barrel on the NYMEX.

The yen slid to a four-year low against its U.S. counterpart, extending its longest streak of monthly losses in more than a decade, after the Bank of Japan’s stimulus policies were unopposed at a Group of 20 meeting.

There is no major local data due out for today’s session.

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Global markets slid further into the red overnight, with US slipping lower on weak earnings numbers.

European shares erased earlier gains, with the FTSE 100 finishing essentially flat at 6244, whilst the German DAX slump 29 points (-0.4%) to close at 7474.

U.S. stocks fell for a second day amid disappointing earnings reports and data on leading economic indicators and Philadelphia-area manufacturing that trailed estimates.

The weakness sent the Standard & Poor’s 500 Index to a six-week low, with the index sliding 0.7% to 1,542 – the lowest level since March 6. The blue-chip Dow Jones index shed 81 points (-0.6%) to close at 14537.

Gold futures climbed and the spot price headed for the longest rally in four weeks on signs that demand is rebounding among consumers and investors.

Crude rose from a four-month low on signals that recent losses were exaggerated and as Spain sold more debt than planned. Oil for May delivery rose $1.05 to settle at $87.73 a barrel on the NYMEX. It was the biggest gain since March 26.

The US dollar fell against the euro, reversing an earlier gain, after a report showed manufacturing in the Philadelphia region expanded less than forecast, boosting the chances that U.S. monetary stimulus will be maintained.

There is no major local data due out for today’s session.

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The rollercoaster ride continued overnight, with investors struggling through a third straight session of volatility, as weak economic data from Europe and disappointing earnings reports in the U.S. prompted a pullback in stocks, the euro and oil prices.

European stocks declined for a fourth session, with the benchmark Stoxx Europe 600 Index falling to its lowest level this year, as commodity producers and automakers slid.

In London the FTSE 100 shed 60 points (-1%) to settle at 6244, whilst the German DAX slumped a whopping 180 points (-2.3%) to close at 7503. Stateside, the Dow Jones Industrial Average finished with a decline of 138 (-0.9%) to close at 14619, for a third straight session of triple-digit moves for the blue-chip index.

On Monday, the Dow suffered its biggest one-day decline this year, falling 266 points, before recovering most of those losses on Tuesday.

The three-day run of triple-digit moves is the first since late February, when an inconclusive Italian election cast uncertainty over Europe’s debt crisis.

The S&P500 gave up 23 points (-1.4%), to 1552.01, while the NASDAQ 60 (-1.8%), to 3205.

Spot gold prices advanced for a second day as global equities declined and on signs that physical demand is rebounding. Gold for immediate delivery gained 0.7% to $1,377.43 an ounce.

Oil fell to a four-month low as equities declined and U.S. output rose to a 20-year high. Crude for May delivery fell $2.04 (-2.3%) to $86.68 a barrel on the NYMEX, the lowest settlement since 14 December.

The British pound fell the most in six weeks against the US dollar after government data showed the U.K. unemployment rate climbed and wage increases slowed, adding to signs the economy is weakening.

Today’s session will bring us data in the form of the latest NAB Quarterly Business Confidence reading, at 11:30am, AEST.

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It was a tale of two halves overnight, with European markets closing sharply lower but US markets rallying to close in the green.

European stocks retreated, posting the biggest two-day slump in more than four months, as European Central Bank President Mario Draghi said that the economic recovery in the euro area remains subject to downside risks.

In London the UK’s FTSE 100 shed 76 points (-1.2%) to settle at 6344, whilst the German DAX gave up 57 points (-0.7%) to close at 7817. U.S. stocks rose, rebounding from the biggest selloff in more than a month for the Standard & Poor’s 500 Index, as central banks’ pledges on stimulus efforts overshadowed a rise in American jobless claims.

Equities climbed after the Bank of Japan strengthened a stimulus program that will see the central bank buy 7 trillion yen ($73 billion) of bonds a month. Jobless claims rose by 28,000 to 385,000 in the week ended March 30, the highest since Nov. 24, Labor Department figures showed today in Washington.

The median forecast of 47 economists surveyed by Bloomberg called for a drop to 353,000. The results reflected the difficulty the government has adjusting the figures around the Easter holiday and spring break at schools.

Gold dropped to the lowest since May, nearing a bear market, on signs that investors are seeking higher returns in equities as the global economic recovery cuts demand for haven assets. Palladium fell the most since October.

Gold futures for June delivery fell 0.1% to settle at $1,552.40 an ounce on the Comex in New York, after dropping to $1,539.40 – the lowest for a most-active contract since 30 May.

Crude has tumbled almost $4 in two days as more Americans than projected filed applications for unemployment benefits, raising concern that slower U.S. growth may weaken fuel demand and boost supplies.

Oil for May delivery dropped $1.19 (-1.3%) to $93.26 a barrel on the NYMEX, the lowest settlement since 21 March. There is not major local economic data due out for today’s session.

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Global markets sold off aggressively overnight, amid escalating tensions in North Korean and worse-than-estimated US data which spurred concern over economic growth.

European stocks declined the most in five weeks, paring yesterday’s biggest rally for the region’s benchmark index in almost a month, as U.S. manufacturing activity fell faster than estimated, and companies in the world’s largest economy added fewer workers than forecast.

The benchmark Stoxx Europe 600 Index retreated 0.9% to 294.8 at the close of trading after climbing 1.3% in the previous session on better-than-estimated U.S. factory orders data.

In London the UK’s FTSE 100 slumped 70 points (-1.1%) to settle at 6420, whilst the German DAX shed 69 points (-0.9%) to close at 7875. Stateside, the Dow plummeted 112 points (-0.8%) to settle at 14550, whilst the broader S&P gave up 17 points (-1.1%) to 1554.

In economic news, companies boosted employment by 158,000 workers in March, figures from the ADP Research Institute showed overnight.

The median forecast of 39 economists surveyed by Bloomberg called for a 200,000 gain.

The data comes before tomorrow night’s non-farm payrolls report from the Labor Department, which may show employers hired a net 195,000 workers for the month, according to the median forecast of 87 economists surveyed by Bloomberg.

In other economic news, ISM’s index of U.S. non-manufacturing businesses, which covers almost 90% of the economy, fell to 54.4 in March from 56 in the prior month.

The median forecast of 73 economists surveyed by Bloomberg was 55.5. Readings above 50 signal expansion.

In the commodity space, gold dropped to the lowest since June, leaving prices on the brink of a bear market, as signs of slowing U.S. economic growth sparked a drop in equities and commodities.

Elsewhere, silver fell to an eight-month low whilst crude tumbled the most in 2013 after the government reported U.S. oil stockpiles increased to the highest level in more than 22 years.

The yen climbed versus all of its 16 most-traded peers amid speculation a decision tomorrow by the Bank of Japan will signal its monetary-easing efforts will fall short of its goals and fail to reignite inflation. Today’s session will bring us data in the form of building approvals and retail sales (11:30am, AEST).

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Global markets were collectively stronger overnight, as concern over Europe’s debt crisis eased and US factory orders topped forecasts. European stocks rose to a one-week high as trading resumed after a four-day weekend while Italian and Spanish bond yields fell.

The Cypriot government completed talks on the terms for aid with the so-called troika of officials representing the International Monetary Fund, the European Central Bank and the European Union.

Cyprus was granted two extra years, to 2018, to implement measures linked to its bailout. The accord will be discussed at a euro working group meeting of finance officials on 4 April. In London the UK’s FTSE 100 added 79 points (+1.2%) to settle at 6491, whilst the German DAX surged 149 points (+1.9%) to close at 7944.

Stateside, the S&P 500 rose 0.5% to 1,570 – a record high – whilst the Dow Jones climbed 89 points (+0.6%) to 14,662 – also a record. U.S. factory orders rose in February, boosted by a pickup in demand for motor vehicles and commercial aircraft.

The 3% gain in bookings, the biggest in five months, followed a revised 1% decline in January, a Commerce Department report showed. The median forecast of 64 economists in a Bloomberg survey called for a 2.9% rise.

Crude rose as equities surged after data showed U.S. factory orders exceeded forecasts, signalling increasing economic growth and fuel demand. Oil for May delivery climbed 12 cents to settle at $97.19 a barrel on the NYMEX.

Copper futures fell for a third straight session in New York as record unemployment in Europe added to concern that demand will weaken, amid signs of slowing growth in China and rising stockpiles of the metal.

The euro fell against 12 of its 16 most-traded peers as a report showed unemployment in the currency bloc climbed to a record in February, adding to concern the economy will struggle to emerge from recession.

Today’s session will bring us the latest Trade Balance data (11:30am, AEST) and HIA new home sales (tentative).

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After gains on in the US on Friday night, global markets were mixed overnight.

European markets fared better than their US counterparts, with the FTSE adding 24 points (+0.4%) to settle at 6412 and the German DAX putting on six points (+0.1%) to 7795.

U.S. stocks fell however, pulling the S&P 500 lower after a record high, as a report showed American manufacturing expanded less than forecast in March as factories slowed production and orders waned.

The Institute for Supply Management’s factory index fell to 51.3 in March from 54.2 a month earlier, the Tempe, Arizona- based group said today.

The median forecast of economists surveyed by Bloomberg was 54. A reading of 50 is the dividing line between growth and contraction.

A separate report showed construction spending in the U.S. rose in February, paced by the highest level of home building in more than four years.

Data on March 29 showed consumer spending climbed in February by the most in five months and confidence unexpectedly improved in March, showing job-market gains are helping Americans overcome tax increases and concern about federal budget cuts.

Oil fell for the first time in six days and widened its discount to Brent on speculation that the closure of an Exxon Mobil pipeline will increase U.S. inventories.

Crude for May delivery dropped 16 cents to settle at $97.07 a barrel on the NYMEX.

Elsewhere, silver prices fell into a bear market as signs of a manufacturing slowdown in the U.S. and China, the world’s top consumers, spurred concern that metals demand will ebb.

The yen climbed to the strongest level in almost four weeks against the dollar after a gauge of U.S. manufacturing expanded less than forecast, adding to haven demand and damping bets the Federal Reserve might slow its bond- buying under quantitative easing.

Today’s action will bring us the latest RBA rate decision, at 2:30pm – it is widely expected that the central bank will leave rates on hold.

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Global markets retreated overnight amid concern over Europe’s debt crisis and as pending American home sales slipped in February.

Fewer Americans signed contracts to purchase previously owned homes in February, indicating a pause in momentum for an industry that is helping power the economy.

The index of pending home sales fell 0.4% to 104.8, the second-highest level since April 2010, after a revised 3.8% increase the prior month, the National Association of Realtors reported.

In Europe, the Institute of International Finance said overnight that banks in Portugal, Spain and Italy may come under funding pressure after a deal earlier this week in Cyprus rescued the island’s financial system at the expense of bank creditors.

Gold futures rose for the first time in four sessions on speculation that the Federal Reserve will maintain monetary stimulus amid signs of a limited recovery in the U.S. housing market. On the Comex in New York, gold futures for June delivery gained 0.6 percent to settle at $1,607.20 an ounce.

Crude oil rose to a five-week high after a government report showed that U.S. refineries boosted operating rates, bolstering oil demand. Crude oil for May delivery rose 24 cents to $96.58 a barrel on the NYMEX, the highest settlement since 19 February.

The euro fell to less than $1.28 for the first time in more than four months as a bailout for Cyprus and a political deadlock in Italy undermined demand for the region’s assets.

Today’s session will see the release of the Melbourne Institute inflation gauge, at 10:30am, AEST, and private sector credit, at 11:30am, AEST.

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