Mid way through today’s session, US equities trade in the red weighed on by poor jobs data which showed a worse than expected ADP reading and ISM employment component figures ahead of Fridays non farm payrolls. NASDAQ 100 is mildly outperforming its counterparts underpinned by strength in Facebook shares ahead of the Co.’s event tomorrow and positive comments from OTR global. The S&P 500 is the session’s underperformer coming under pressure from cyclical stocks, with financials leading the move lower as Bank of America dropped over 3%.
In FX, the USD is weaker across the board recoupling with economic fundamentals as the ADP reading came in lower than expected ahead of Friday’s non farm payrolls.
WTI crude futures declined the most in six weeks following a larger than expected build in crude inventories, which climbed to the highest level in more than 22 years. Price dropped as much as 2.2% further weighed down by news that ExxonMobil’s Pegasus pipeline will remain closed until regulators are satisfied with repairs.
After trading in a tight range earlier in the session , US treasuries moved higher in tandem with equities posting losses following the much weaker than expected ADP employment reading. T-notes benefited from Short covering ahead of Fridays non farm payrolls as 10y yields traded at session highs of 1.809%.
03 Apr 2013 - 18:25 - Equities Economic Commentary - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: