Breakfast Bites: Mixed economic reports on Jobless Claims and Productivity are being weighed against rate policy decisions out of Europe creating a slightly negative market this morning
Initial claims for state unemployment benefits dropped by 5,000 to a seasonally adjusted 366,000, the Labor Department said. The prior week's claims figure was revised to show 3,000 more new claims than initially reported
The productivity of U.S. workers fell more than projected in the 4th quarter as the economy shrank pushing labor expenses up. Nonfarm Productivity fell -2.0% the most since the 1st quarter of 2011
The Bloomberg Consumer Comfort Index climbed to minus 36.3 for the period ending Feb 3rd. It was the first time it climbed in 5 weeks
Consumer credit for December, due at 3 p.m. EST, is expected to expand by $13 billion on the month
The European Central Bank left key interest rates unchanged as did...
Ahead of the Bell: Dow futures are trading up 17 points and S&P futures are trading up 3 points. Investors await the ECB's policy meeting later today, along with the central banks view on the region's growth prospects. Traders are not expecting any change in monetary policy, in light of improving macro data. However, financial markets are waiting for comments from ECB President, Mario Draghi on the strengthening euro against the dollar and the political stability in the region, particularly in Italy and Spain. The Bank of England is keeping its key interest rate unchanged at 0.50%.
On the economic calendar today, the Labor Department will release weekly jobless claims before the market opens and it is forecasted to be 360K compared with 368K for the week prior. Productivity and costs for the 4th quarter will also be out before the opening bell, a reading of -1.3% is expected...
The Dyslexia Foundation of the Netherlands celebrates its 30th anniversary and visits NYSE Euronext Amsterdam.
Dyslexia is a severe and persistent disorder of learning to read and spell. The Dyslexia Foundation of the Netherlands has its primary goal to transfer scientific knowledge on dyslexia, its diagnosis and intervention to professional diagnosticians and therapists. Professor psycholinguistics at Utrecht University and chair of Dyslexia Foundation of the Netherlands, Prof. dr. Frank Wijnen, sounds the gong in honor of the 30th anniversary and to kick-off the large symposium that the foundation organizes on February 8 called “Dyslexia 2.0”.
Stocks finished the session mixed today, as fresh concerns over the euro zone debt crisis, before a meeting with euro zone leaders tomorrow overshadowed positive Q4 results from US companies. Without any major economic reports to guide them, market participants are also awaiting fresh incentives to trade after rallies brought the major indices to 5-year highs.
On the economic front, The Mortgage Bankers Association’s index rose 3.4% in the week ended Feb. 1 following an 8.1% drop in the prior week. The average rate on a 30-year fixed loan increased to 3.73%, the highest since the first week of September, from 3.67%.
In order to celebrate their AGM, the Young Farmers Association of the Seine and Marne region ( a farming union that promotes the farming profession) are accompanied by Crédit Mutuel to discover NYSE Euronext.
Created by farmers, Crédit Mutuel stands by its founding values, to develop the agricultural markets and industry. Their core values are mutuality, proximity, innovation and expertise. They accompany the Young Farmers Association of the Seine and Marne region with their visit of NYSE Euronext to mark their AGM.