Today Is The Jobs Day For Traders In Global Markets

Asian markets closed sharply up on the final trading day of the week by building up further gains on top of yesterday’s gain. Volume was lighter during the trading session as investors do not want to make any big commitment ahead of Non- Farm Payroll data in the US. This data will be closely watched by the Federal Reserve Bank and their decision of tapering the quantitative easing could be heavily influenced by this data.

Stock market was closed in US yesterday, due to a bank holiday however, Asian stocks got their boost because of the accommodative policy signals given by the Bank of England and the ECB.

The Nikkei Index was the best performing index during the session which closed with a gain of 2.08%. The index is up nearly 8.30% for a week. The Hang Seng index was the second best performer and closed with a profit of 1.89%. The Shanghai index also closed in a positive territory with a minor gain of 0.04%.

Exporters enjoyed another day of gain on the back of the weaker yen as the dollar climbed above the 100 yen level once again. Shares of Fast Retailing Co. ,Hitachi Ltd both soared nearly 3.1% and 4.4% respectively. Mitsubishi Electric Corp. also advanced 3.5% during the session. Panasonic Corp announced that it is restructuring its business structure and the company is closing its solar cell plant in Europe. Shares went up on this news and recorded a gain of 3%.

European stock markets are trading lower during the early hours of trading. However, traders are still cheerful about Mario Draghi’s statement released yesterday that the interest will stay longer for an extended period of time with a possibility of going even lower for also an extended period of time.

The FTSE 100 Index is the best performing index during the session which is trading up with a gain of 0.27%. The index is up nearly 4.45% for a week. The Dax index is the second best performer and is trading with a gain of 0.02%. The CAC40, FTSE MIB and IBEX 35 are all trading by -0.14%, -0.28% and -0.55% respectively.

DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam