By IB Times Staff Reporter: Subscribe to IB's RSS feed
September 1, 2010 12:46 PM EDT
Futures on major U.S. indices point to a higher opening on Wednesday, the first trading day of September, after ADP reported that private-sector employment fell in August.
Futures on the S&P 500 are up 1.26 percent, futures on the Dow Jones Industrial Average are up 1.05 percent and Nasdaq100 futures are up 1.47 percent.
Earlier this morning, US futures and global markets advanced as strong economic indicators from China and Australia overshadowed concerns about the global economic recovery.
US nonfarm private employment reported first loss in August following six months of consecutive gains from February through July. On seasonally adjusted basis, nonfarm payrolls decreased 10,000 in August from the downwardly revised 37,000 in July. Economists estimated private payrolls to increase by 13,000 in August.
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Over those six months increases have averaged a modest 37,000, with no evidence of acceleration, the report said. The government is scheduled to report nonfarm payrolls for July on Friday, which is expected to decline by 118,000.
ISM manufacturing index is due to release at 10:00 am EDT, which is expected to grow at slower pace in August.
Other economic data including construction spending, ISM manufacturing prices and crude oil inventories are due to release during the day.
On Tuesday, stocks ended mixed, paring gains after minutes from the recent FOMC meeting showed policymakers remain concerned about the health of the economic recovery and that it would consider injecting further stimulus should the need arise.
European stock markets advanced, led by gains from financials and miners companies’ shares. Markets are currently trading higher with FTSE 100 up by 65.72 points, DAX30 up by 55.38 points and CAC 40 up by 56.61 points.
The euro advanced 1.22 percent to 1.2834 against the dollar and the yen rose 0.26 percent against the greenback.
Crude oil futures rose 1.13 percent and copper futures advanced 2.08 percent. In precious metal sector, gold futures advanced 0.44 percent and silver futures rose 0.12 percent.
Most Asian stock markets ended higher on Wednesday after better than expected Chinese manufacturing activity in August. Japanese Nikkei advanced 1.17 percent and Hong Kong’s Hang Sheng rose 0.43 percent while Chinese Shanghai declined 0.60 percent on news that banking regulator will tighten policies to curb soaring housing prices.
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