Global markets were mixed overnight, with gains in Europe countered by losses in the US.

European stocks advanced on the back of strength in carmakers and Ryanair Holdings, which jumped the most in more than 1 1/2 years as Europe’s largest low-cost carrier said full-year profit rose 13%.

In London, the FTSE 100 gained 33 points (+0.5%) to settle at 6756 while the German DAX gained 58 points (+0.7%) to finish at 8456.

U.S. stocks declined as investors weighed the pace of central bank stimulus efforts amid corporate dealmaking.

The S&P 500 retreated by one point (-0.1 %) to settle at 1,666 after rising as much as 0.3% earlier. The blue chip Dow Jones declined by 19 points (-0.1%) to settle at 15335.

Gold futures rebounded after Moody’s said U.S. policy makers must address debt woes to avoid a credit-rating downgrade this year.

Crude Oil futures declined as much as 0.8% in New York as U.S. equity indexes were little changed. Oil for June delivery fell 51 cents to $95.51 a barrel on the New York Mercantile Exchange.

The yen gained the most in three weeks against the greenback as Japanese Economy Minister Akira Amari said further losses in the currency would have negative effects after it fell to the lowest since 2008 last week.

Today’s session will bring us the latest RBA Monetary Policy Meeting Minutes, at 11:30am this morning. The minutes will likely provide some clues as to the future direction of interest rates in Australia.

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Global markets finished a little stronger on Friday night, with gains seen in both Europe and the US. In London, the FTSE 100 gained 35 points (+0.5%) to finish at 6723 while the German DAX added 28 (+0.3%) points to close at 8398.

US markets closed out the week with a strong gain on Friday night, with the Dow and S&P500 posting fresh record highs amid positive economic data.

US consumer confidence rose in May rose to its highest level in almost six years, as Americans felt better about their financial prospects despite concerns over budget cuts and the impact of a slowing manufacturing sector.

The data fuelled weekly gains of between one and a half and two percent for the major US indices, as investors bet economic growth will remain resilient in the face of ongoing global uncertainty.

It was a mixed performance among the key commodities. Oil strengthened on speculation the jump in US consumer confidence will translate into greater energy demand.

Oil for June delivery rose 86 cents to $96.02 a barrel on the New York Mercantile Exchange, the highest settlement since May 10.

However, gold suffered another sell-off on rumours US hedge funds are liquidating bullion holdings ahead of a planned end to the Fed’s monetary easing measures.

The potential end to quantitative easing saw the US dollar record widespread gains against other currencies, including the Aussie, which slumped to below 97 US cents – its lowest against the greenback in almost a year.

The yen climbed versus all 16 major peers after Japanese Economy Minister Akira Amari said further losses in the currency would threaten to negatively affect people and the government’s job is to minimize that.

There is no major data due our during today’s session.

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Global markets finished slightly weaker overnight, with the international bulls taking a breather after a recent string of gains. European stocks were little changed, after the benchmark Stoxx Europe 600 Index yesterday extended its highest level since June 2008.

In London the UK’s FTSE 100 gave up six points (-0.1%) to settle at 6688, whilst the German DAX put on seven points (+0.1%) to 8370.

U.S. stocks fell, ending four sessions of records for the S&P 500 Index, amid disappointing economic data and after a Federal Reserve official said the central bank may slow the pace of stimulus as early as this summer.

Reports today suggested a slowdown in U.S. economic growth. Jobless claims jumped by 32,000 to 360,000 in the week ended May 11, the most since the end of March, Labor Department figures showed.

Housing starts slumped 16.5 percent in April, the most since February 2011, the Commerce Department reported.

Manufacturing in the Philadelphia region unexpectedly contracted in May for the first time in three months as new orders retreated and factories cut back on employment and hours.

Another report showed the cost of living in the U.S. fell in April for a second month, the first back-to-back declines in inflation since late 2008. There is no major local economic data due out for today’s session.

Gold futures fell, capping the longest slump in 16 months, as U.S. filings showed that George Soros and BlackRock cut stakes in exchange-traded products backed by the metal, signaling waning investment demand.

Gold futures for June delivery dropped 0.7% to close at $1,386.90 on the Comex in New York. Crude rose on speculation that central banks will bolster stimulus after more Americans than projected filed for unemployment benefits and U.S. consumer prices decreased.

Oil for June delivery advanced 86 cents to settle at $95.16 a barrel on the New York Mercantile Exchange. There is no major local economic data due out during today’s session.

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Global markets continued their run higher overnight.

European stocks rose, extending their highest level since June 2008, after the Bank of England raised its growth forecast for Europe’s third-biggest economy. In London the UK’s FTSE 100 added seven points (+0.1%) to settle at 6694, whilst the German DAX put on 23 points (+0.3%) to close at 8362.

Stateside, stocks rose and pushed benchmark indexes to fresh records, as data showing weakness in manufacturing fuelled bets the Federal Reserve will be in no hurry to scale back stimulus.

U.S. industrial production declined in April by the most in eight months, reflecting broad-based cutbacks in factory output and indicating American manufacturers will provide little support for an economy beset by weaker global markets and federal budget cuts.

Manufacturing in the New York region unexpectedly shrank in May as factories received fewer orders and sales stagnated, a separate report showed.

Data from the Labor Department showed wholesale prices dropped in April by the most in three years, reflecting a decrease in fuel costs that is helping underpin profits.

Gold futures tumbled below $1,400 an ounce, extending the longest slump in almost three months, as the dollar’s rally eroded demand for the metal as an alternative investment. Silver fell to a three-week low.

Gold futures for June delivery fell 2% to settle at $1,396.20 on the Comex in New York, after touching $1,389, the lowest for a most-active contract since April 19.

Crude was little changed as equities gained on speculation of central-bank stimulus measures after economic reports from the U.S. and Europe missed forecasts. Oil for June delivery settled at $94.30 a barrel on the New York Mercantile Exchange, the first advance in five days.

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

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Global markets were little changed overnight, with minimal moves recorded on either side of the Atlantic.

European stocks declined from the highest level in almost five years as bank and airline shares retreated, overshadowing better-than-forecast retail sales data in the U.S.

Most U.S. stocks fell, after benchmark indexes climbed to record levels last week, even as government data showed retail sales unexpectedly rose in April.

The S&P rose less than one point to 1,634, whilst the Dow slid 27 points (+0.2%), to 15,092. The 0.1% increase in U.S. retail sales followed a 0.5% decline in March, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg called for a 0.3% drop.

A separate report showed companies in the U.S. unexpectedly held inventories in check in March as sales fell by the most in nine months, an indication orders will rise as demand picks up.

Gold futures fell, capping the longest slump in five weeks, as holdings in exchange-traded products backed by the metal extended a decline to the lowest since July 2011.

Gold futures for June delivery dropped 0.2% to settle at $1,434.30 an ounce on the Comex in New York. The price declined for the third straight session, the longest slump since April 4. The metal has tumbled 14% this year.

Oil fell for a third session as China’s crude processing reached the lowest level in eight months in April and OPEC boosted output. Oil for June delivery fell 87 cents to settle at $95.17 a barrel on the New York Mercantile Exchange.

There is no major local economic data slated for release today.

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Global markets extended gains overnight, with further gains seen on both sides of the Atlantic.

European stocks climbed, with the Stoxx Europe 600 Index extending its highest level since June 2008, as companies from ING to Deutsche Telekom posted quarterly earnings that beat estimates.

In London the UK’s FTSE 100 added 26 points (+0.4%) to settle at 6583, whilst the German DAX put on 68 points (+0.8%) to finish at 8250. US stocks rose, sending the S&P 500 Index to a record for a fifth session, amid better-than-projected earnings forecasts.

The S&P rose 0.4% to 1,633, whilst the Dow added 49 points (+0.3%) to 15,105.

Crude rose to a one-month high after supplies fell at Cushing, Oklahoma, the delivery point for the contract. Oil for June delivery increased $1 to $96.62 a barrel on the New York Mercantile Exchange, the highest settlement since April 2.

Gold futures posted the biggest gain in almost two weeks as demand for bars and jewellery increased in India and China, the world’s largest consumers of the metal.

Bullion for June delivery advanced 1.7% to settle at $1,473.70 an ounce on the Comex in New York, the biggest gain for a most-active contract since April 25.

The euro rallied the most in three weeks against the dollar as German industrial production unexpectedly rose for a second month in March, a sign that Europe’s largest economy may be returning to growth.

Today’s session will bring us important data in the form of the latest employment numbers and the unemployment rate, at 11:30am, AEST. There is also Chinese CPI and PPI data due out at 11:30am, which could have a big impact on our market.

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About three stocks advanced for every two that fell on U.S. exchanges, as 5.3 billion shares traded hands, or 16% than the three-month average.

Crude climbed to a three-week high as Syria threatened retaliation against Israel for an air strike. The European benchmark grade’s premium to West Texas Intermediate oil widened from a 16-month low. Oil for June delivery increased 55 cents (+0.6%) to $96.16 a barrel on the NYMEX, the highest settlement since 2 April.

Gold futures gained for the second time in three sessions on expectations that China will announce more stimulus measures to boost economic growth, increasing demand for the precious metal as a store of value.

Gold futures for June delivery advanced 0.3% to settle at $1,468 an ounce on Comex in New York.

The euro fell against the US dollar after European Central Bank President Mario Draghi said policy makers are ready to cut interest rates again if needed after reducing them to a record low last week. Today’s session will bring us a host of important economic data.

At 11:30am the market will be in receipt of the latest Trade Balance figures, as well as the latest House Price Index reading. Then, at 2:30pm, the RBA will announce the cash rate and release its statement. Economists aren’t hopeful of a cut, with only 8 out of 29 surveyed by Bloomberg thinking there will be one.

The markets are a little more hopeful though, pricing in a 52% chance of a 25 basis point cut.

 

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Global markets surged into the close on Friday night, with strong US payrolls data lighting up leaderboards on both sides of the Atlantic with green ink.

European stocks advanced to the highest level since June 2008 as a report showed U.S. employment in April picked up more than forecast and the jobless rate unexpectedly dropped to a four-year low.

In London the UK’s FTSE 100 added 61 points (+0.9%) to settle at 6521, whilst the German DAX surged 161 points (+2%) to close at 8122. Stateside, the Dow Jones rallied 142 points (+1%) to settle at 14974, whilst the broader S&P 500 gained 17 points (+1.1%) to 1614.

The U.S. added 165,00 jobs in April, better than expected and enough to temporarily quell fears that higher payroll taxes and mandated government spending cuts are draining momentum from labor markets.

The headline unemployment rate ticked lower to 7.5% from 7.6%, the lowest in four years. Economists had predicted an increase of 145,000 jobs and that the unemployment rate would remain unchanged.

Perhaps the best news out of the jobs report was that highly disappointing March numbers were revised upward to 138,000 non-farm jobs created, up from the 88,000 originally reported. In total, revisions added 114,000 jobs to the workforce in February and March.

In the commodity space, crude surged to the highest level in a month as U.S. employment rose more than forecast in April, stoking speculation that demand in the world’s biggest oil-consuming country will increase.

WTI for June delivery jumped $1.62 (+1.7%) to $95.61 a barrel on the Nymex, the highest settlement level since April 2.

The British pound strengthened for a second week against the US dollar as economic reports that exceeded analyst estimates boosted confidence that growth is accelerating.

Today’s action will bring us data in the form of retail sales and ANZ job advertisements, at 11:30am, AEST.

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Global markets bounced back overnight, with all major indices closing in the green. European stocks rose to a seven-week high as the European Central Bank lowered its benchmark interest rate, while companies from Royal Dutch Shell to BMW posted profit that beat analysts’ estimates.

The ECB cut its key interest rate to a record low. Central bankers meeting in Bratislava, Slovakia lowered the main refinancing rate to 0.5% from 0.75%, a move predicted by 45 of 70 economists in a Bloomberg News survey.

The ECB left its deposit rate at zero and reduced its marginal lending rate to 1% from 1.5%. Stateside, U.S. stocks rose sending the S&P 500 to a record high, as American jobless claims unexpectedly fell.

The S&P 500 rose 0.9% to 1,598 in New York, erasing yesterday’s drop. The Dow gained 131 points (+0.9%) to 14,832. About 6 billion shares traded hands on U.S. exchanges, 4.7% below the three-month average.

The number of Americans filing claims for jobless benefits unexpectedly dropped to the lowest level in more than five years, according to Labor Department figures. Other data showed the productivity of U.S. workers rose in the first quarter as companies focused on containing labor expenses.

Crude gained the most in almost six months as the number of Americans filing applications for unemployment benefits slipped and the ECB reduced interest rates to a record low. WTI for June delivery rose $2.96 (+3.3%) to settle at $93.99 a barrel on the NYMEX, the biggest one-day increase since November 6.

The euro fell for the first time in five days against the dollar after European Central Bank President Mario Draghi said policy makers may take the unprecedented step of charging banks to hold excess reserves.

In company news, Westpac has reported a 10% rise in 1H13 cash profit to $3.5 billion and has announced a special dividend of 10 cents. Today’s session will bring us data in the form of the latest producer price index reading, at 11:30am, AEST.

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Global traders and investors were quick to act upon the ‘sell in May and go away’ idiom last night, sending the major indices sharply lower on the first day of the new month.

European stocks declined, paring an 11th straight month of gains, as a report showed business activity in the U.S. unexpectedly shrank this month.

U.S. stocks fell, dragging the Standard & Poor’s 500 Index from a record high, on slower growth in American payrolls and manufacturing as the Federal Reserve said it will maintain its bond buying to support the economy.

The S&P500 fell 0.9% to 1,583, whilst the Dow Jones slipped 139 (-0.9%) to 14,701. More than 6.6 billion shares changed hands on U.S. exchanges, or 4.4% above the three-month average.

Gold fell the most in two weeks as the Federal Reserve signaled it is ready to curb a bond-buying program as needed and inflation remained in check, eroding demand for the precious metal as a hedge.

Gold futures for June delivery retreated 1.8% to settle at $1,446.20 an ounce on the Comex in New York, the biggest drop since April 15, when prices slumped the most in 33 years.

Oil fell for a second day on signs of economic slowdown in the U.S. and China and after an industry group said U.S. stockpiles climbed for the first time in three weeks.

Crude for June delivery retreated $2.60 (-2.8%) to $90.86 a barrel New York Mercantile Exchange.

In currency markets, the US Dollar Index fell for a fifth session as the Federal Reserve said it will maintain its bond buying at a pace of $85 billion a month and is prepared to raise or lower the level of purchases as economic conditions evolve.

Today’s session will bring us data in the form of building approvals and import prices, both slated for release at 11:30am, AEST.

 

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