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FUTURES REMAIN LOWER AFTER JOBS DATA

 

Futures remain lower after jobs data.  March non-farm payrolls rose less than expected, rising by 103K for the month.  The unemployment rate held steady at 4.1% while the participations rate fell slightly to 62.9%.  On the wage front, average hourly earnings were in-line with expectations rising 0.3%m/m and 2.7% y/y.  Late yesterday, President Trump said the US should consider an additional $100B in tariffs against China and China responded that they will fight back against any additional US actions.  Later this afternoon, Federal Reserve Chair Jerome Powell with be speaking at the Economic Club of Chicago.  European shares are lower with basic material stocks leading the declines.  Asian shares closed mixed despite trade rhetoric.

 

US Futures Lower / Asia Mixed / EU Lower / WTI @ 63.17 -0.37 / Brent 68.13 -0.20 / Nat Gas @ 2.70 +0.02 / Gold @ 1325.44 -1.13 / Platinum 910.03 -2.52 / Silver @ 16.42 +0.06 / Copper @ 3.04 -0.04 / AGS Mixed / Euro @ 1.2221 -0.0019 / 10 Yr UST @ 2.81% / 30 Yr @ 3.06%

 

 

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US Futures extend rally from strong rebound on Wednesday.

 

Stocks bounced yesterday after the Trump administration downplayed concerns over a trade war.  On the data front, weekly jobless claims rose 24k last week to 242K, slightly higher than expected.  The international trade deficit grew more than expected to 57.6B in February.  European shares are rallying with technology shares leading the gains in mid-day trading.  German new manufacturing orders came in lower than expected in the latest reading.  Asian shares closed mostly higher as trade war fears ease.


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US FUTURES DROP AFTER RETALIATORY TARIFF PROPOSAL BY CHINA.

 

China has proposed a 25% tariff on over 100 US exports including automobiles, soybeans, aircraft, orange juice and many others.  This additional tariff would be on top of any tariffs already in place.  On the data front, the March ADP employment report came in stronger than expected as private companies added 241k jobs for the month and February was revised higher by 11k jobs.  Later this morning the market will get data on February factory orders and the March ISM non-manufacturing index.  European shares are trading lower with technology shares leading the decline.  Asian markets closed mixed with Japan’s Nikkei closing slightly higher.

 

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US Futures Rebound After Yesterday's Rout

US Futures rebound after yesterday’s rout.  US futures are rising by more than 0.75% as stocks look to bounce back after a rough start to Q2.  On the data front, March motor vehicle sales will be released with a consensus estimate for 17M annualized unites.  In a surprise announcement, GM said going forward they will no longer announce monthly sales figures and will move to quarterly reporting to smooth-out the sales figures.  European shares are mostly lower, with technology shares lagging, in their first trading day after the Easter Monday holiday.  Asian shares closed mostly lower with technology shares lagging.

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US Futures Are Lower on the First Trading Day of Q2

US Futures are lower on the first trading day of Q2.  After nine consecutive quarterly gains for S&P 500 stocks, the S&P 500 recorded its first quarterly loss since the third quarter of 2015.  To start the quarter, this week will see heavier than usual economic data.  Later this morning the market will get a look at the March PMI manufacturing index, ISM manufacturing index and February construction spending.  To end the week we will get readings on March employment and wage situation.  Most European markets are closed today for Easter Monday.  Asian shares closed mostly lower after China announced a new round of tariffs on US goods.

 

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