World markets mixed as oil slips back on higher stock levels
Data showing that oil stock levels are higher than expected has curbed gains on the world markets in early trade this morning. Yesterday most major indexes soared as the price oil recovered to around $54 a barrel. Some analysts believe that oil prices will not sink lower than we’ve already seen but may settle on an average of around $50. Asian markets have closed mostly higher although concern about weak growth is still weighing heavily in China. European markets are mixed this morning with optimism over Greek debt offset by the decline in oil prices and profit-taking after yesterday’s surge. US futures are lower; oil is lower; gold is higher. The dollar has steadied after falling yesterday.
MBA Purchase Applications at 7.00am ET
ADP Employment Report at 8.15am ET
Gallup US Job Creation Index at 8.30am ET
PMI Services Index at 9.45am ET
ISM Non-Manufacturing Index at 10.00am ET
EIA Petroleum Status Report at 10.30am ET
General Motors, Merck & Co and Ralph Lauren are among those reporting earnings today.
Motor sales driven higher in January
The auto industry has started the year on a high as manufacturers posted strong sales data yesterday. General Motors increased sales by 18 per cent, Ford and Nissan were up 15 per cent, and Chrysler was up 14 per cent. The growth is despite the traditionally slow month and the snow storm that hit the Northeast.
Ford workers to get pay rise
Up to 500 workers at Ford will be paid more as the firm has reached the maximum number of lower paid workers it can employ. That means that workers affected will get the welcome news this week that their hourly rate will increase from $19.28 to $28.50 over the next two months. The 20 per cent cap was exceeded when Ford hired 1,500 new workers for its pick-up truck production lines.
Money is top concern for many Americans
Many Americans put money as their main cause of stress according to a poll by the American Psychological Association. The poll shows that 72 per cent have felt stressed about their finances in the last month while more than a quarter say it is a constant worry. Those with children under 18, lower-income households, millennials and Gen-Xers are most stressed about money.