Busy Calendar Capped Off By Official Employment Report

by devteam June 1st, 2010 | Share

Overseas markets are in sell-off mode with England’s FTSE 100 falling 2.08% and Germany’s DAX dropping 1.64%.

The biggest data news overnight was a weaker-than-anticipated reading for the China’s manufacturing PMI, which came in at 53.9 in May, down from 55.7 in April.

“Markets are concerned that tightening measures in China will slow growth in the economy that is critical for commodity prices and cyclical sector sectors of the equity market, and this number certainly doesn’t help already fragile sentiment,” said economists at BMO Capital Markets.

Two hours before the opening bell, Dow futures are down 115 points to 10,011 and S&P 500 futures are off 14.20 points to 1,074.30.

Commodity prices are mostly under pressure, with WTI crude oil down $0.29 to $74.20 per barrel. By contrast, Spot Gold is up $3.90 to $1,220.10, benefitting from a flight to safety.

Also, the euro is down 1.43 cents against the dollar at $1.2162. 

More broadly, the U.S. dollar index is up 75 basis points to 87.34 â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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