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Daily Market Outlook By PYX Markets
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[QUOTE="PYX Markets London, post: 123580, member: 38730"] [b]Daily Market Outlook 10th March[/b] [img] http://www.karachiites.com.php56-3.dfw3-2.websitetestlink.com/pyxmarket-new/wp-content/uploads/2017/01/pyx-market-outlook.jpg [/img] Asian stocks edged up and the dollar rose to 1-1/2-month highs versus the yen on Friday, ahead of the closely-watched U.S. non-farm payrolls report due later in the day. Wall Street was marginally higher the day before, underpinned by speculation the widely-anticipated labor market report on Friday would show U.S. payrolls growth in February was far more than economist forecast. The employment figures are drawing particular interest as chances of the Federal Reserve raising interest rates several times this year could improve if the data underlines U.S. economic strength. Cementing views of tighter U.S. policy was also a report on Thursday that showed the number of Americans applying for unemployment benefits rose to 243,000 last week, rebounding from a near 44-year low, but continuing to point to a tightening labor market. The dollar did not fare as well against the euro after the common currency enjoyed a lift the previous day on European Central Bank head Mario Draghi's suggestion on Thursday it was less necessary to prop up the market through ultra-loose monetary policy. German, British and Italian bond yields extended their rise in Asia as the region's investors reacted to Draghi's comments, traders said. While an imminent hike in U.S. interest rates is putting a downdraft on gold prices, bullion's allure as a safe haven is likely to limit the downside, traders and analysts say, owing to uncertainties in the United States and Europe. Gold slumped to a 10-month low in mid-December after rates were increased for the first time in a year, but gold investors don't appear to be as jittery ahead of the next Fed meeting and a near-certain rate rise on March 14-15. The previous slide came also as equity investors cheered the election of U.S. President Donald Trump, but gold has since recovered about 7 percent on a lack of clarity on Trump's policies and worries about upcoming elections in Europe. Higher interest rates make it less attractive to hold non-interest bearing gold, while a firmer U.S. dollar also makes gold more expensive for buyers in other currencies. However, the 121,720 lots at Feb. 28 were still less than half of the 286,921 contracts held in July 2016, when speculative fever was at its peak as gold prices hit over 2-year highs at $1,374.91 an ounce. Meanwhile, gold is expected to be boosted by political risks stemming from Britain's exit from the EU and upcoming contentious elections elsewhere in Europe. Investors are also focused on softer than expected initial jobless claims data that came a day ahead of a key nonfarm payrolls report for February due to be released on Friday, with a gain of 190,000 jobs expected and seen as key to cement widespread expectations of a Fed rate hike. Gold struggled to take advantage of a pull-back in the dollar, after initial jobless claims missed analysts’ forecasts while investors’ expectations of a March rate hike grew ahead of key non-farm payrolls report due to be released on Friday. U.S. Department of Labor said Thursday, initial jobless claims increased by 20,000 to 243,000 in the week ending March 4 from the previous week’s total of 223,000. Analysts expected jobless claims to rise by 12,000 to 235,000 last week. Crude held gains in Asia on Friday after another sharp drop overnight after Saudi Arabia warned that an extension of a coordinated oil output cut beyond June 30 is not guaranteed with investors turning attention to weekly rig count data in the U.S. Ahead, investors are awaiting an update after the number of active U.S. rigs drilling for oil. Laswt week, figures showed oil rigs rose by 7 for the seventh weekly increase in a row. That brought the total count to 609, the most since October 2015, showing the sustained strength of a supply response as crude stays above $50 a barrel in a narrow range since the end of November when an output cut pact was announced. Overnight, Saudi sources reportedly told a meeting of U.S. shale oil firms that an extension of a pact by OPEC and non-OPEC nations to trim almost 1.8 million barrels per day (bpd) from global markets in the first half of the year is not a good assumption to make for drilling plans. The supply response by shale drillers will again be in sharp focus on Friday when figures on U.S. rig drilling from oilfield services firm Baker Hughes are due. However, the issues and the overall effect of higher production as oil prices held steadily above $50 a barrel had already hit the market this week as Brent and West Texas Intermediate took a more than 5% tumble. Trading volumes on exchanges reach the highest since early December, with over 430K contracts in Brent crude for May delivery and more than 911,000 contracts of WTI for delivery in April changing hands. As well, crude oil inventories in the U.S. rose more than quadruple the forecasts by 8.21 mn barrels at the end of last week, the EIA said on Wednesday, marking nine straight weeks of gains and taking the total to 528.4 million barrels. The market had forecast a gain of around 2 mn barrels. Gasoline stocks however dropped a much sharper than expected 6.6 million barrels, while distillate supplies dropped 2.7 mn barrels, also more than seen. The data offset a report that showed crude imports by China, the world's second largest buyer, rose to the second-highest level on record in February, reaching 8.286 mn bpd, up 3.5% from a year ago, according to trade data released on Wednesday, just shy of December's record 8.57 mn bpd and up on 8.01 mn bpd in January. [/QUOTE]
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