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EU Market Open: May 31, 2016

By Alphaseeker IMMarket OverviewMay 31, 2016 09:08,-2016-200132966
EU Market Open: May 31, 2016
By Alphaseeker IM   |  May 31, 2016 09:08
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In Asia stocks were higher on Friday after U.S. data continued to show a better than expected economy, while the dollar was on the defensive against major peers. The Nikkei index edged up 0.4% to end the morning session at 16,846.32. China’s CSI 300 and Shanghai Composite indices both fell by 0.1%.

The EUR/USD held steady at $1.1190. The USD/JPY was higher 0.1% 109.85. The Australian dollar fell after rising overnight on a modest upgrade in domestic capex data, the AUD/USD was last down 0.1% at $0.7216.

Oil futures fell further in Asian trading session earlier today after running into resistance at the $50 a barrel mark, as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply. Brent fell 0.8%, to $49.21 on Friday. U.S. crude lost 0.7%, to $49.12 a barrel after settling down 8 cents in the previous session.

In the US, stocks were lower on Thursday following two days of strong gains as advancing utilities offset declines in materials, banks and other cyclical industries. The S&P 500 edged down 0.02%, to 2,090.1. Apple shares (NASDAQ:AAPL) rose 0.79%, providing the largest boost to the S&P 500, while Citigroup (NYSE:C) fell 1.77%, weighing most on the index. Discount retailers Dollar General (NYSE:DG) rose over 4% and Dollar Tree (NASDAQ:DLTR) rallied nearly 13%, both hitting record highs after reporting better-than-expected quarterly profits. Abercrombie & Fitch (NYSE:ANF) lost 15.67% after the retailer posted its 13th straight quarter of sales declines.

In Bond Markets U.S. Treasury prices rose on Thursday as solid bidding at a $28 billion seven-year note sale kindled bond demand, driving shorter-dated yields down from 10-week highs and upstaging data that supported the view of steady U.S. growth. Benchmark 10-year Treasury notes were up 10/32 in prices, yielding 1.833 percent, down 4 basis points from late on Wednesday. The two-year yield was down 4 basis points at 0.875 percent, while the five-year yield fell 5 basis points at 1.352 percent.

Economic Calendar
13:30 GMT+1 US Prelim GDP q/q
18:15 GMT+1 US Fed Chair Yellen Speaks

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EU Market Open: May 31, 2016

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EU Market Open: May 31, 2016

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Disclaimer: The information within this article has been prepared and issued by Alphaseeker Trading Services Limited on the basis of publicly available information and other sources believed to be reliable. Whilst all reasonable care is taken to ensure that the facts stated are accurate, neither Alphaseeker Trading Services Limited nor any director, officer or employee shall in anyway be responsible for its contents. This document is intended to provide clients with information and should be construed as an offer or solicitation to buy or sell securities.
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