The S&P 500 futures and EU markets are trading near the flat line after the biggest selloff day for US equity markets in 6-months. The tech heavy Nasdaq, the world best performing leading ETF this year lost 5% yesterday yet is still up 45% for the past 12 months. Overnight the NIKKEI lost 1% and the CSI 300 lost 0.97%, that’s ahead of the NFP numbers, set to be released at 8:30 am US. Most FX markets are trading in a narrow range, ahead of the important job report, the dollar index trades higher this morning, up 0.12% at 92.81. The JPY gained yesterday on a move to safety after global equity markets sold off. Gold and Silver are trading higher this morning ahead of the NFP numbers, Gold trades at $1,937 per ounce, up 0.35% and Silver trades at $26.36 per ounce, up 0.45%. Oil is higher by 0.75% this morning, that’s after yesterday selloff on gasoline demand worries. WTI is at $41.68 this morning, as investors look to OPEC+, expecting price supporting near term production cuts and awaiting the NFP report that is likely to shed light on the potential recovery in the US job market. A weaker than expected job report may impact negatively crude demand near term and again push prices lower and the driving season ends traditionally after Labor-day weekend.
US NFP and UN-Employment rate at 8:30 am is the important news on the agenda Friday, (all times EST).
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The tech heavy Nasdaq, the best performing index this year shed 5% yesterday, its biggest selloff day in 6-months.
The Dax index traded lower from 2020 highs yesterday after the US selloff day, yet it still stands up nearly 9% and the best performing EU leading index over the past 12-months.
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