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Daily Market Outlook By PYX Markets
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[QUOTE="PYX Markets London, post: 108793, member: 38730"] [b]Daily Market Outlook 31 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 eased on Wednesday following modest losses on Wall Street, with investors awaiting U.S. jobs numbers for further clues to whether the Federal Reserve will raise rates as soon as September. The growing possibility for an imminent rate hike lifted the dollar against major currencies such as the yen. Traders awaited August U.S. non-farm payrolls due on Friday after a run of strong economic data and hawkish comments from Fed officials. The index still remains on track for a 1.7 percent gain in August. Sluggish domestic data that increased the prospect of further easing by the Bank of Japan also supported stocks. Japanese industrial output was flat in July from June, data showed earlier on Wednesday, underscoring fragility in factory activity and falling short of economists' median forecast for a 0.8 percent rise. But on Tuesday, data showed July household spending fell less than expected and the jobless rate hit a two-decade low, offering some hope for policymakers. BOJ board member Yukitoshi Funo said on Wednesday the central bank would make full use of its existing policy tools to move the country away from its "deflationary mindset." Friday's U.S. jobs report is expected to show employers added 180,000 jobs in August, according to the median estimate of 89 economists polled by Reuters. Fed Vice Chairman Stanley Fischer said in an interview on Tuesday that the job market is nearly at full strength and the pace of interest rate increases will depend on how well the economy is doing. U.S. consumer confidence rose to an 11-month high in August, with households more upbeat about the labor market, data showed overnight. Crude oil futures continued to slip after ending down for a second straight day on worries of oversupply and a strong dollar. The dollar rose to a one-month high against the yen on Wednesday as investors reversed the bets they had made on speculation that the U.S. Federal Reserve would not hike interest rates anytime soon. The greenback has been on a bullish footing since Friday's comments by Fed Chair Janet Yellen revived expectations the central bank could hike rates as early as September. Upbeat data released on Tuesday helped the dollar extend gains, with the Conference Board saying its consumer confidence index rose to an 11-month high in August. Other data showed that U.S. house price growth moderated in June but was still strong. Yen bulls were also kept in check after Japan's Chief Cabinet Secretary Yoshihide Suga told Reuters on Tuesday that the government will respond "appropriately" to unwelcome yen gains. Analysts believe the reversal of yen longs could continue for a while, since investors had built up significant positions betting on the Japanese currency rising. Attention has switched to Friday's U.S. August non-farm payrolls report and with it a chance to assess whether the U.S. economy is robust enough to withstand monetary tightening. But investors will first digest the ADP employment data and the Chicago purchasing managers' index (PMI) due later on Wednesday. Growth in Japan's industrial output ground to a halt in July after June's gains, underscoring the fragility of factory activity and the continuing challenge to policymakers grappling with a stalling economy. The flat reading compared with economists' median estimate in a Reuters poll of a 0.8 percent increase, following a 2.3 percent increase in June, data by the Ministry of Economy, Trade and Industry showed on Wednesday. Manufacturers surveyed by the ministry expect output to rise 4.1 percent in August and decline 0.7 percent in September. The economy will return to growth in the current quarter but the momentum would not last long as falling capital spending in the United States and slowing growth in China weighed on Japan's exports and output for the rest of the year, he said. Sluggish factory output data is yet another setback for policymakers who have struggled to generate virtuous growth in consumption and production to lift an economy mired in nearly two decades of deflation and stagnation, without much success. Crude oil futures dipped on Wednesday as the U.S. dollar held around three-week highs and industry stocks data indicated a build in U.S. crude inventories. A stronger greenback makes dollar-priced commodities like oil more expensive for holders of other currencies and possibly capping demand. The dollar strengthened after recent hawkish comments by Fed Chair Janet Yellen and Vice Chair Stanley Fischer boosted expectations that a rate hike by the U.S. central bank at its September policy meeting could be on the horizon. U.S. crude stocks rose by 942,000 barrels in the week to Aug. 26 to 525.2 million, nearly in line with analysts' expectations for an increase of 921,000 barrels, data from industry group the American Petroleum Institute showed on Tuesday. Official U.S. oil inventories data published by the EIA is due for release on Wednesday. Concerns over refinery production outages caused by storm threats in the Gulf of Mexico have done little to support prices as a product glut in the United States persists. [/QUOTE]
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