Written by Gary
Opening Market Commentary For 12-02-2013
Gary is off today, and the opening market commentary comes from our syndication partner Investing.com/
U.S. stocks opened mixed on Monday, as markets were eyeing the release of upcoming U.S. economic data, while expectations for the Federal Reserve to soon begin tapering its stimulus program persisted.
During early U.S. trade, the Dow Jones Industrial Average slipped 0.26%, the S&P 500 index fell 0.16%, while the Nasdaq Composite index inched up 0.05%.
Equity markets were jittery amid speculation that the Federal Reserve could start to unwind its USD85 billion-a-month asset purchase program before the end of the year.
Investors were looking ahead to Friday’s U.S. nonfarm payrolls report for November, for indications on the timing of a possible reduction in Fed stimulus.
Sentiment improved earlier, after a report showed that China’s final HSBC PMI inched up to 50.8 in November, up from a preliminary reading 50.4 and above expectations for a reading of 50.5.
The data was published one day after a government report showed that China’s manufacturing PMI held steady at an 18-month high of 51.4 in November, compared to forecasts for a decline to 51.1.
Among retailers, Wal-Mart shares edged up 0.10% and Best Buy added 0.25%, even as the first spending decline on a Black Friday weekend since 2009 reinforced projections for a lackluster holiday.
Amazon.com and Ebay surged 1.79% and 2.47% respectively after researcher ComScore reported online spending on Black Friday gained 15% to a record USD1.2 billion.
European stocks were broadly lower on Monday, after euro zone manufacturing data indicated that the economic recovery in the region remains weak, while investors eyed U.S. data later in the day.
During European afternoon trade, the EURO STOXX 50 slid 0.42%, France’s CAC 40 declined 0.36%, while Germany’s DAX 30 inched down 0.06%.
Revised data showed that the bloc’s manufacturing purchasing managers’ index rose to a two year high of 51.6 last month from October’s 51.3, slightly higher than a preliminary estimate of 51.5.
Meanwhile, Spain’s manufacturing sector contracted for the first time since July last month, while the French manufacturing sector contracted for the 21st straight month.
The Spanish PMI fell to 48.6 from 50.9 in October, led lower by weaker orders and output.
The French index fell to 48.4 from 49.1 in October, the lowest level since June.
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Written by Gary