*MARKET UPDATE ASIA SESSION*
Forex, Commodities and Index
Monday, November 04, 2024
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– Wall Street’s major indexes ended higher on Friday, rebounding from the previous day’s sell-off as strong Amazon earnings offset a significant drop in U.S. job growth in October.
– Amazon.com rose 6.2% after reporting earnings on Thursday that showed strong retail sales, boosting profits above Wall Street estimates.
– Meanwhile, Apple fell 1.2% as investors worried about a decline in sales in China during the latest quarter.
– The dollar strengthened against the euro and rebounded against most major currencies on Friday after traders digested data showing U.S. job growth slowed sharply in October amid disruptions from hurricanes and a strike by aerospace workers.
– Nonfarm payrolls rose by 12,000 jobs after being revised down to 223,000 in September, the Labor Department’s Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls rising by 113,000 in October.
– The U.S. unemployment rate, however, held steady at 4.1%, providing some reassurance that the labor market remains on solid footing.
– Gold was at $2,750 an ounce on Friday, holding a nearly 1.5% decline from a record high in the previous session as markets continued to assess demand for safety ahead of the upcoming U.S. election while gauging the outlook for Fed policy. U.S. payrolls data showed U.S. job growth nearly stalled in October, beating expectations for a gain of more than 100,000, although distortions from strikes and hurricanes during the month clouded the data point’s reflection of underlying economic trends.
– Meanwhile, political uncertainty in the US supported gold prices, as the prospect of Trump’s return to the presidency raised expectations for expansionary fiscal policy and higher tariffs, causing investors to hold gold as a hedge against long-term inflation risks. In addition, lingering tensions in the Middle East continued to boost gold’s appeal.
*Disclaimer On*
