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Daily Market Outlook By PYX Markets
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[QUOTE="PYX Markets London, post: 107555, member: 38730"] [b]Daily Market Outlook 11 August[/b] [img]https://scontent-amt2-1.xx.fbcdn.net/v/t1.0-9/13938553_118457278597764_4706199327588223406_n.jpg?oh=4cb4000aa052d5b9cf8c6e211c4ac665&oe=581DD5BC[/img] Asian shares fell on Thursday, reversing recent gains following losses on Wall Street, though regional currencies rose after Beijing let the Chinese yuan strengthen to mark the one-year anniversary of a landmark devaluation. Broad risk sentiment remains on the back foot as oil prices tumbled on news of a surprising jump in U.S. government stockpiles and as Singapore, the region's bellwether for trade, cut its economic forecast for the year. Singapore cut its economic growth forecast on concerns over Brexit and weakening global demand with official forecasts downgraded to an expansion of 1-2 percent this year from a previous forecast of 1-3 percent growth. A weakening stock market and strong demand for government debt at bond auctions pushed yields down further. The fall in gilt yield came after the Bank of England said it would buy the 52 million pound (US$67.5 million) remainder of Tuesday's reverse auction shortfall in the second half of its bond-buying program. The Chinese yuan led regional currencies higher after the People's Bank of China let the yuan appreciate slightly to mark the anniversary of the one-year devaluation. It has weakened by more than 8 percent since then, though some analysts say that weakness may be fading. More clarity about the U.S. economy's health and the Federal Reserve's next move on interest rates could come with Friday's release of July retail sales and a speech by Fed Chair Janet Yellen later this month. U.S. job openings increased in June and layoffs dropped to their lowest in nearly two years as labor market conditions tightened further, according a government report on Wednesday. The Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS) report also suggested a growing skill shortage, which has been highlighted by independent surveys. Job openings, a measure of labor demand, rose 110,000 to a seasonally adjusted 5.6 million, the JOLTS report showed. That raised the jobs openings rate one-tenth of a percentage point to 3.8 percent. The JOLTS report is one of the job market metrics on Federal Reserve Chair Janet Yellen's so-called dashboard. Fed officials view the labor market as being at or near full employment. Concerns about persistently low inflation and an uncertain global economic outlook have left the U.S. central bank cautious about raising interest rates in the near term. The economy created 547,000 jobs in June and July. Layoffs fell to 1.6 million in June, the lowest level since September 2014, from 1.7 million in May, the JOLTS report showed. The decline pushed the layoffs rate to 1.1 percent, the lowest since November 2013. Hiring increased after three straight months of declines, suggesting employers are probably not finding qualified workers for the open positions. Hiring rose to 5.1 million from 5.0 million in May. The hiring rate climbed to 3.6 percent in June from 3.5 percent the prior month. Job openings rose across nearly all sectors of the economy, with strong gains in manufacturing and construction, pointing to some stabilization in labor demand. The U.S. government posted a $113 billion budget deficit in July, a 24 percent drop from the same month last year, the Treasury Department said on Wednesday. The government had a deficit of $149 billion in July 2015, according to Treasury's monthly budget statement. Analysts polled by Reuters had expected a $113 billion deficit for last month. When accounting for calendar adjustments, July would have shown a $101 billion deficit compared with an adjusted $107 billion deficit in the same month in 2015. The fiscal year-to-date deficit was $514 billion through July, up 10 percent from a $466 billion deficit at the same time last year. Oil prices fell early on Thursday as a build in U.S. crude inventories and record Saudi Arabian production weighed on markets. Oil fell sharply after data from the U.S. Energy Information Administration showed crude inventories rose 1.1 million barrels in the week ended Aug. 5. Analysts polled by Reuters had expected a 1.0 million-barrel crude draw instead. "Crude oil stocks rose 1.06 million barrels to 523.6 million barrels. The unexpected rise was driven by reduced operating rates at refineries, which fell 1.1 percent to 92.2 percent of capacity," ANZ bank said on Thursday. "Bearish supply-side news also weighed on the market, with Saudi Arabia reporting a record 10.67 million barrels per day production in July," it added. However, other analysts said that this was not necessarily a bearish market signal as Saudi's record output would be met by strong demand and supply disruptions elsewhere. [/QUOTE]
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