Daily Market Update

Daily Market Update

Daily Market Update Wall Street closes lower Wednesday; World markets strong Thursday
Wall Street’s main indexes were slightly lower Wednesday although the Dow didn’t see the triple-digit losses of earlier in the week. Investors are keenly waiting for the official jobs data tomorrow especially as the ADP report yesterday was weaker than expected. Asian markets closed higher Thursday as a higher oil price and expectation of stimulus raised sentiment, together with a view that any weakness in the US labor market would delay a Fed interest rate rise. In Europe markets are mixed but trading is likely to intensify later in the day ahead of a four-day break. Again US jobs data is of major interest together with the Greek debt issue, with most analysts expecting an agreement at some point.

US stock futures are trending lower. Oil is trending lower (Brent $56.90, WTI $49.78 at 5.50am ET). Gold is trending lower.
 
Today’s data
Challenger job-cut report at 7.30am ET
International trade at 8.30am ET
Jobless claims at 8.30am ET
Janet Yellen speaks at 8.30am ET
Bloomberg consumer comfort index at 9.45am ET
Factory orders at 10.00am ET
Asia Travel Corp., Pacific Gold Corp. and QKL Stores are among the companies reporting results today.
 
Apple probed by EU over streaming plans
Apple’s plan to roll out its streaming music service in Europe has come to the attention of the EU. The Financial Times reports that there is a concern that Apple is trying to unfairly compete with rivals which offer advertising supported streaming, by using its considerable power in dealings with record companies. The European Commission has asked rivals for details of their dealings with music firms, which is the first stage of the investigation. Apple could be forced to change its model or pay a hefty fine if anti-competitive practices are discovered.
 
McDonald’s gives pay rise to 90,000
McDonald’s has announced that 90,000 of its lowest paid workers will be getting an extra 10 per cent in their pay check, following similar moves by Walmart and TJ Maxx. New minimum wage laws have been introduced by many states but the fast food restaurants will pay those on its starting wage at least a $1 an hour above the state minimums. On average those workers will get $2.75 above the federal minimum wage. There will also be financial benefits for all of the company’s workers to improve their education and the ability for workers to build up paid time off.