A large draw in total U.S. crude oil stocks reported by the API late yesterday has resulted in a light round of short covering in a market that remains oversold. As of this morning the crude oil market is still in positive territory but well off of the overnight highs hit after the API data release as the industry awaits the more widely followed EIA oil inventory snapshot.
StocksThe stock market volatility remained elevated last week, in part because of the increased worries about the health of the global economy. The much-anticipated U.S.-jobs report failed to inspire a rally either as the unexpectedly sharp drop in the unemployment rate and the stronger-than-expected increase in wage growth kept the prospects of a 2015 Federal Reserve rate rise alive.
Total nonfarm payroll employment increased by 173,000 in August, and the unemployment rate edged down to 5.1%, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and social assistance and in financial activities.
U.S. services sector growth edged ahead during August from July to its highest level since May, signaling the United States was on track for solid third-quarter expansion, an industry report showed on Thursday.
New orders for U.S. factory goods rose for a second straight month in July on strong demand for automobiles, which could help to keep manufacturing supported as it deals with a strong dollar and softening global demand.
China`s manufacturing data was in line with expectations yet under the key pivot level of 50 with a 49.7 print. Generally speaking, a reading of under 50 would indicate a contracting manufacturing sector rather than expanding