Daily Market Update

Daily Market Update

Daily Market Update Markets await latest jobs data; Europe higher on UK election
World markets are awaiting Friday’s US employment data which could give more insight into timing of the Fed’s interest rate rise. Analysts are expecting more jobs and lower unemployment although wage increases are not expected to show much improvement. Globally Asian markets have closed higher following a stronger lead from Wall Street in the previous session and growing expectation that Beijing will announce more stiumulus after further disappointing data on China’s economy this week. Earnings helped push Tokyo higher but Sydney closed with losses as mining stocks fell. In Europe markets are trading higher led by London’s FTSE100 which has seen gains following election results which (with most results now in) are expected to return the incumbent conservatives to government with a majority; the party has been in coalition for the past five years.

US stock futures are trending higher. Oil is trending higher (Brent $65.62, WTI $59.13 at 5.50am). Gold is trending higher.
 
Today’s data
Employment situation at 8.30am ET
Wholesale trade at 10.00am ET
AOL, Liberty Media and Tribune Media are among the companies reporting earnings today.
 
Monsanto $45bn offer for Switzerland’s Syngenta rejected
Monsanto’s $45 billion offer for Swiss firm Syngenta undervalues the company and does not take into account the regulatory risks. That’s the reason for the agrichemical firm rejecting its US rival’s bid according to a Reuters report. The combination would have added to Monsanto’s position as a world leader with combined sales of $31 billion. Rumors of a bid had been around since last month.
 
Record number of Americans hand back passports
A record 1,337 US citizens handed back their passports and renounced their citizenship in the first three months of this year. That’s 40 per cent of those that did so in the whole of last year. CNN reports that expats are growing increasingly tired of paperwork and filing requirements. The US is unusual in its taxing of citizens wherever they derive their income or where they live. More than 7 million Americans live abroad but still face filing tax returns, paying tax and facing penalties for getting it wrong. However it is illegal to renounce citizenship to avoid paying tax so expats doing so could still run into problems.
 
App developers earning more from Android
Google’s Android operating system is gaining more ground with app developers. Although devices that run on Android have been greater in number than Apple devices the amount spent by users has been higher on the iOS devices, making them more popular with developers. However the tide is turning as more high-spending users opt for Android devices.