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Daily Market Outlook by Solid Trust Markets
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[QUOTE="SolidTrustMarket, post: 101815, member: 36800"] [b]Daily Market Outlook 9 May[/b] [img]https://scontent-lhr3-1.xx.fbcdn.net/hphotos-xtl1/v/t1.0-9/12717510_174118869626335_4845820293159483711_n.jpg?oh=2a23c6b13a613b005f9fef79fea074e7&oe=576A6387[/img] Asian stocks were mostly lower on Monday after a disappointing U.S. jobs report raised questions about the underlying strength of the world's biggest economy and worse-than-expected trade numbers out of China. U.S. shares posted modest gains on Friday as the weaker-than-expected U.S. jobs report fanned expectations that the Federal Reserve would have to hike interest rates at a very slow pace. The dollar edged higher versus the yen on Monday following a choppy end to last week, while disappointing trade figures out of China barely dented an already defensive Australian dollar. The U.S. currency initially fell in reaction to the lackluster jobs report on Friday but bounced after New York Federal Reserve President William Dudley said two rate hikes this year were still a "reasonable expectation". U.S. non-farm payrolls increased by 160,000 in April, the smallest gain since September, and below the 200,000 economists had expected. It prompted some financial institutions to lower their expectations of an interest rate hike for this year to just one from two before the report. But the market was quick to reverse positions on closer look at the numbers, which showed an encouraging pick-up in annual wage growth. Also helping the dollar's rebound was New York Federal Reserve President William Dudley who said two U.S. rate hikes this year were still a "reasonable expectation". There was limited reaction to comments by Japanese Finance Minister Taro Aso on Monday that Tokyo is ready to intervene in the currency market if yen moves are volatile enough to hurt the country's trade and economy. Analysts said market participants may be reluctant to increase their bearish bets on the dollar versus the yen at this point, after having ramped up such bets recently. In contrast to the mixed U.S. jobs data, trade figures out of China on Sunday were clearly disappointing. Both exports and imports fell more than expected last month, underlining weak demand at home and abroad and dimming hopes of a recovery in the economy. China's exports and imports fell more than expected in April, underlining weak demand at home and abroad and cooling hopes of a recovery in the world's second-largest economy. Exports fell 1.8 percent from a year earlier, the General Administration of Customs said on Sunday, reversing the previous month's brief recovery and supporting the government's concerns that the foreign trade environment will be challenging in 2016. China's exports to the United States – the country’s top export market – fell 9.3 percent in April from a year earlier, while shipments to the European Union – the second biggest market, rose 3.2 percent, customs data showed. China's cabinet has vowed to take steps to boost exports, including encouraging banks to boost lending, expanding export credit insurance and raise tax rebates for some firms. China had a trade surplus of $45.56 billion in April, versus forecasts of $40 billion. Oil prices rose about 2 percent in early Asian trading on Monday as supply outages persisted over the weekend from Canada's wildfires that have shut half the country's vast oil sands capacity. Analysts were also digesting weekend news of Saudi Arabia's appointment of a new energy minister to take over from veteran oil minister Ali al-Naimi. The new appointee, Khalid al-Falih, is a believer in reform and low oil prices. Falih said on Sunday that the world's largest crude exporter was committed to meeting demand and would maintain its stable petroleum policies. "I think the wildfire is going to have a major impact as Canada exports some 3.5 million barrels per day of crude to the U.S.," said Carl Larry, director of business development for oil and gas at Frost & Sullivan. World oil supply remains in a glut, however, with an estimated oversupply of around 1.5 million bpd. On Sunday, cooler weather, light rain and winds opposed to the direction of flames helped control the advance of the blaze that razed Alberta's oil sands boomtown Fort McMurray. Yet, energy firms such as Statoil and Husky Statoil shut their facilities in the area as a precaution. Eleven production firms and three pipeline operators that have curbed activities after the week-long inferno forced more than 1 million barrels in capacity offline. Officials said the fire had also done minor damage at CNOOC unit Nexen's Long Lake facility, in the site's yard. It was the first reported damage to an energy industry asset since the crisis began. Three major oil firms - BP, Suncor and Phillips 66 - have warned they will not be able to deliver on some contracts for Canadian crude. While Falih's appointment as energy minister could be bearish to oil in the longer term given the Saudis' increasing reluctance to use market intervention to boost prices, traders said the market was unlikely to sell off without further proof of his actions. [/QUOTE]
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