Daily Market Update

Daily Market Update

Daily Market Update World markets await US payroll data
Asian markets have closed down today, with the exception of Tokyo, and Europe’s markets are also lower after early gains as investors await US payroll data. There is expected to be good news on the job front although this could influence the Fed on earlier interest rate rises. The dollar remains strong while the yen and the euro have declined. Gold is holding steady; oil is down slightly; US stock futures are higher.
 
Today’s data
Employment data at 8.30am ET
Janet Yellen speaks at 10.15am ET
Consumer Credit report at 3pm ET
Berkshire Hathaway, Lithium Corp and United Guardian all report today.
 
Disney meets Wall Street forecasts
Disney reported its quarterly earnings yesterday and fell roughly in line with market expectations. Net income was up to $1.5 billion from $1.39 billion a year earlier. Although Disney’s movie business did well with blockbusters including Guardians of the Galaxy and its parks and resorts also did better, the cable business has been under pressure from higher NFL rights payments and increased competition. Disney shares were down 2.5 per cent in after-hours trading.
 
Bank of America to take $400 million litigation charge
Bank of America will take a $400 million charge to cover litigation costs as a result of an investigation into the bank’s foreign exchange dealings. JP Morgan Chase and Citigroup have already announced similar action.
Aereo lays off most of its staff after Supreme Court blow
Tech start-up Aereo, which delivers local TV broadcasts online, is laying off around 60 workers and closing its Boston office after the Supreme Court that it does have to comply with copyright laws. The New York-based firm had argued that it was an aerial company and did not have to comply but the court decided it is in effect a cable company. The lay-offs are to protect the company in some form although analysts are unsure whether it will be able to find a way to continue. Read the full story.
 
Amazon reveals surprise new device …on Twitter
The growing line up of virtual personal assistants has a new member. Alexa is the voice of Amazon’s unexpectedly launched speaker and intelligent control device. Launched yesterday on Twitter the device, called Echo, connects to Amazon’s Web Services and can be used to stream audio from Spotify and others, but it can also learn the preferences and speech patterns of its users and can be controlled remotely via a mobile app. Personal assistants are included on all the main mobile platforms but this is the first major player to release a PA for the home. Read the full story.