Your Friday, Friday morning update includes even more bad news. But there’s a long weekend to come, so suck it up.
– More bad news for US investors overnight as the Government Shutdown drags on and consumer confidence collapses, the services sectors rate of growth slows and the stock market sell’-off gains pace. The rhetoric from President Obama yesterday telling Wall Street to be worried was an appalling lapse of judgement and he got the result today in the Dow falling 137 points or 0.91%. The Nasdaq lost 1.08% and the S&P had a good bounce from seriously acute weakness with a low of 1670 but still closed down 15 points or 0.88%. For those who are technically minded here is a look at the S&P 500 nearing important support from my trading platform.
– In Europe, the FTSE managed to rally 0.18% but there was weakness across the Continental with the DAX down 0.36% and the CAC falling 0.73%, while stocks in Milan and Madrid were 0.44% and 0.58% lower.
– Closer to home on the Sydney Futures Exchange, the SPI 200 contract fell 30 points overnight to important support at 5200. On interest rate futures, the 3- and 10-year contracts are 1 and 1.5 points lower.
– On Forex markets, the US dollar was under more pressure with the Euro rising 0.32% to 1.3619 but it’s off a little from the high of 1.3645. GBP lost 0.39% to 1.6157, USDJPY was unchanged at 97.29 but the Aussie dollar was a bit higher at 0.9396.
– On commodities, Gold fell back to $1316 oz, Crude dropped 1.17% to $102.88, Copper lost 5 cents to $3.27 lb, Corn was flat, Wheat rose 0.29% and Soybeans rose 1.12%.
On the data front, initial jobless claims were released and showed a small increase of 1000 to 308,000 but the good news is this is low by recent standards. ISM non-manufacturing was positive but a big miss at 54.4 versus 57.4 expected and 58.6 last.
The US Government shutdown means that we won’t get non-farm payrolls tonight. Otherwise, it’s a fairly quiet data day with the BoJ decision the only major item.
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