Daily Market Update

Daily Market Update

Daily Market Update Jobs data punishes futures; Rate rise could be further away
Friday’s data showing a weaker-than-expected employment situation has pushed stock futures lower. As the New York Stock Exchange opens Monday after the Easter break trading is set to start lower although the payoff is an expectation that the labor market will be a deciding factor in any interest rate rise. Some Asian markets re-opened today and decided that the Fed would not be in a hurry to increase interest rates. Shanghai, Hong Kong and Sydney are among those still closed for holidays but in Tokyo there were losses as confidence was knocked by the US jobs data. European markets are closed Monday for the extended Easter break but on Sunday Greece’s finance minister pledged that his country would “meet all obligations” regarding its debt.

US stock futures are trending lower. Oil is trending higher (Brent $56.43, WTI $50.59 at 4.30am ET) Gold is trending higher.
 
Today’s data
Gallup US consumer spending at 8.30am ET
PMI services index at 9.45am ET
ISM non-manufacturing index at 10.00am ET
Dune Energy, Gameplan and Wet Seal are among the companies reporting results today.
 
Oil nudges higher as Saudi Arabia increase prices again
For the second month in a row Saudi Arabia has increased the price of oil to Asian markets. With experts saying that any deal with Iran would not bring new supply until next year and demand seemingly increasing in Asia, the Saudi’s move has pushed benchmark Brent crude higher and WTI is above $50 this morning.
 
Are you missing out on a $5000 windfall?
Taxpayers in Connecticut could be sharing in a multi-million dollar windfall. Senator Richard Blumenthal says there are tax refunds due to thousands of the state’s taxpayers from 2011. The total to be paid back is $13.4 million. There are more than 13,000 people who have yet to file their 2011 tax return according to the IRS but there is no late penalty for filing returns that trigger a refund. Many people did not claim the tax credits they were entitled to which could be as much as $5,751.
 
Top Herbalife members contact by law enforcement
Around ten of the top performing Herbalife members have been contacted by law enforcement agencies investigating their business practices according to CNBC. The company is currently cooperating with authorities regarding its business and share trading and says it is confident in its integrity. It is unclear whether the contacting of members is connected to the wider investigation or a separate matter.