Bloomberg - Commodities tumbled for a fifth day, led by oil and silver, on concern economic growth is faltering. Treasuries dropped before a U.S. employment report, while most stocks declined. The Standard & Poor’s GSCI index of 24 commodities fell 1.4 percent at 10:25 a.m. in London, bringing this week’s decline to 11 percent, as oil lost 2.6 percent in New York and silver sank 3.4 percent. The MSCI World (MXWO) Index of stocks slid 0.4 percent. S&P 500 Index futures gained 0.3 percent. The five-year Treasury note yield rose almost three basis points.
The yen weakened against all 16 of its most-traded counterparts. An unexpected increase in U.S. jobless claims yesterday, swelling energy inventories and a strengthening dollar are spurring investors to scale back bets that drove up the S&P GSCI index by more than 20 percent this year through the end of last week. American payrolls probably cooled in April as companies curbed spending, economists said before the Labor Department releases figures yesterday. “The broader question in markets is how deep the risk correction will be,” Kit Juckes, London-based head of foreign- exchange research Societe Generale SA, wrote in a report today. “The mood remains edgy and a shock in payrolls, in either direction, could trigger weakness in equities and equity-related currencies. It’s been a long one-way trend and a one-day correction would be very surprising.” Crude oil extended yesterday’s 8.6 percent rout, bringing its loss this week to 15 percent, the most since December 2008. Read full story here:
News New Mexico
Rising Jobless Claims Damaging Confidence
The yen weakened against all 16 of its most-traded counterparts. An unexpected increase in U.S. jobless claims yesterday, swelling energy inventories and a strengthening dollar are spurring investors to scale back bets that drove up the S&P GSCI index by more than 20 percent this year through the end of last week. American payrolls probably cooled in April as companies curbed spending, economists said before the Labor Department releases figures yesterday. “The broader question in markets is how deep the risk correction will be,” Kit Juckes, London-based head of foreign- exchange research Societe Generale SA, wrote in a report today. “The mood remains edgy and a shock in payrolls, in either direction, could trigger weakness in equities and equity-related currencies. It’s been a long one-way trend and a one-day correction would be very surprising.” Crude oil extended yesterday’s 8.6 percent rout, bringing its loss this week to 15 percent, the most since December 2008. Read full story here: News New Mexico 
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1 comments:
It's good news to learn that 200,000 jobs were created. The bad news is that, somehow, the actual number of unemployed was much greater than the system allowed us to identify. Whether one group covered this up or there's a hole in the measuring device, the bottom line is that the joblessness was worse than we thought. Many of us are wondering what it's going to take for this administration to recognize that digging a bigger deficit hole and continuing to make it more difficult for businesses to grow and prosper is having the opposite effect on job creation. There's a reason why Nancy Pelosi is no longer the speaker of the house. This is the president's economy.
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