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Daily Market Outlook by Solid Trust Markets
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[QUOTE="SolidTrustMarket, post: 103707, member: 36800"] [b]Daily Market Outlook 9 June[/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] The pace of hiring by U.S. employers slowed to near a two-year low in April, pushing up job openings in a potential sign that firms are having a hard time finding workers. The Labor Department said on Wednesday in its monthly Job Openings and Labor Turnover Survey, or JOLTS that the rate of hiring fell to 3.5 percent from 3.7 percent in March. That was the slowest rate since August 2014. Job openings, a measure of labor demand, increased 118,000 to a seasonally adjusted 5.79 million, the highest number since last July. The job openings rate rose to 3.9 percent. The U.S. economy was probably not as weak as has been reported in the first quarter, with data on Wednesday showing stronger consumer spending and investment in intellectual products than previously estimated. The Commerce Department's quarterly services survey, or QSS, showing consumption, including healthcare spending, increased at a faster clip than the government had assumed in its second estimate of gross domestic product published last month. According to JPMorgan, the QSS data suggested first-quarter consumer spending could be raised as much as two-tenths of a percentage point to a 2.1 percent annual rate when the government publishes its third GDP estimate on June 28. That, together with data last week on international trade and construction spending, suggest first-quarter gross domestic product could be raised to as high as a 1.2 percent rate from the 0.8 percent pace the government reported last month. The economy grew at a 1.4 percent rate in the fourth quarter. Bank of Japan Deputy Governor Hiroshi Nakaso warned of lingering global economic uncertainty and signs of weakness in private consumption, signalling the central bank's readiness to expand monetary stimulus if needed to hit its inflation target. He also defended the BOJ's negative interest rate policy, saying that it will spur capital expenditure by pushing down corporate borrowing costs and offset demerits such as squeezing financial institutions' margins. The BOJ surprised markets in April by keeping policy steady despite once again pushing back the timing for hitting its 2 percent inflation target, opting to spend more time to assess the effects of negative rates on the economy and prices. While sticking to the view that Japan's economy will keep recovering moderately, Nakaso cited uncertainty over the global economy and financial market volatility. He also acknowledged weakness in private consumption and inflation expectations. The central bank's nine-member board is likely to weigh such risks at its policy review next week. Crude prices held gains in Asia on Thursday as consumer prices fell more than expected in April, sparking demand hopes for the key market that this week released data that showed a drop in oil imports. In China, CPI data for May showed a drop of 0.5% month-on-month, more than the 0.2% fall seen, and 2.0% gain year-on-year, less than the 2.3% increases expected, while producer prices eased 2.8%, less than the 3.3% year-on-year drop expected. Crude futures pared some gains after surging to fresh 11-month highs on Wednesday, as a bullish U.S. inventory report eased some concerns related to the massive supply glut that persists throughout energy markets worldwide. On Wednesday morning, the U.S. Energy Information Administration (EIA) said U.S. commercial crude oil inventories decreased by 3.2 million barrels for the week ending on June 3, while attacks in Nigeria on oil infrastructure that crimped output this month offered support. At 532.5 million barrels, U.S. crude oil inventories are still at historically high levels for this time of year. On the West Coast, crude stockpiles rose by 2.4 million barrels to 60.9 million, reaching its highest level since 2009. It was partially offset by a 1.4 million barrel draw at the Cushing Oil Hub in Oklahoma. Although stockpiles at the main delivery point for NYMEX oil fell to 65.6 million barrels last week, supply levels still remain near full storage capacity. Analysts expected a draw of 2.8 million barrels, following a decline of 1.36 million a week earlier. On Tuesday evening, the American Petroleum Institute reported a drop of 3.6 million barrels last week. Meanwhile, crude production nationwide increased by 10,000 barrels per day to 8.745 million bpd, halting a four-month streak of weekly declines. Over the last year, crude output in the U.S. has plummeted by nearly 1 million bpd. Last year at this time, daily production hovered around 9.6 million barrels, its highest level in more than 40 years. Further gains in oil prices were limited by slowing economic activity in China, as oil imports fell in May to their lowest level in four-months. Earlier on Wednesday, China's General Administration of Customs reported that monthly crude imports fell to 32.24 million, amid rising congestion at a main port. China is one of the world's top importers of oil from the Middle East. [/QUOTE]
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