Coming up: Nonfarm payroll for Nov.
WASHINGTON (MarketWatch) – The Labor Department’s nonfarm payroll report for November is due for release at 10 a.m. Eastern. Economists are expecting the pace of job growth to improve a bit. Analysts polled by MarketWatch expect nonfarm payroll to rise 155,000 in November, slightly higher than 151,000 in October. The unemployment rate is expected to hold steady at 9.6%.
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Costco November same-store sales up 9%
LONDON (MarketWatch) — Costco Wholesale Corp. said Thursday that comparable sales for the four-week period ending Nov. 28 rose 9%. Excluding the impact of inflation in gasoline prices and strengthening foreign currencies, same-store sales for November were up 6%. The company said net sales for the period rose 12% to $6.78 billion. Excluding sales from its Mexico joint venture, net sales were up 9%.
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Euro-zone third-quarter GDP unrevised at +0.4%
LONDON (MarketWatch) — Gross domestic product in the 16-nation euro zone expanded 0.4% in the third quarter and grew 1.9% compared to same period last year, the European Union statistics agency Eurostat said Thursday. The figures were unchanged from an earlier Eurostat estimate. GDP grew at 1% quarterly pace in the second quarter.
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Shanghai Composite drops 3.1% in late morning
HONG KONG (MarketWatch) — China stocks were under sharp selling pressure late in the morning session Tuesday amid reports that Beijing is preparing to tighten policy as part of efforts to clamp down on inflation. Shanghai’s Composite Index was off 3.1% at 2,778.9, while the China CSI 300 was down 3.4%. Investors were reportedly skittish following news that China’s State Council on Monday announced it would stiffen penalties and step up monitoring to discourage hoarding of goods and price manipulation. Shanghai-listed shares of coal miner China Shenhua Energy Co. were down 3%, while China Southern Airlines’ fell 5.9%. Banking and financials were also lower, with Industrial & Commercial Bank of China’s shares falling 2.6% in Shanghai and 1.3% in Hong Kong.
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Crude oil rallies to best in two weeks
SAN FRANCISCO (MarketWatch) — Crude-oil futures rallied more than 2% Monday, surpassing $85 a barrel on a momentum-buying not even a rising dollar could twart. Oil for January delivery added $1.97 to $85.73 a barrel on the New York Mercantile Exchange, the best finish for a most-active oil contract since Nov. 11.
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Black Friday shoppers towed from Best Buy, KSDK reports
About 10 shoppers walked away from bargain-hunting at the Best Buy this morning only to find their cars towed – and a $335 bill, KSDK news reported.
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Treasurys, dollar stay up after GDP revised higher
NEW YORK (MarketWatch) — Treasury prices and the dollar held onto gains on Tuesday after the U.S. said the economy grew at a 2.5% pace in the third quarter, revised from a previous estimate of 2%. Yields on 10-year notes , which move inversely to prices, fell 5 basis points to 2.75%. The dollar index , which tracks the performance of the greenback against a basket of other major rivals, rose to 79.143 from 78.611 in North American trade late Monday. The euro fell to $1.3502, versus $1.3629 Friday. Bonds and the dollar were higher before the data as military tensions on the Korean Peninsula and worries about Ireland and Portugal had investors seeking relatively safer assets. Still to come is data on existing home sales, the Federal Reserve’s next buyback, the government’s sale of 5-year notes and the release of the minutes from the most recent Fed meeting.
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Expect inflation, Morgan Stanley tells investors
SAN FRANCISCO (MarketWatch)– The likelihood that recent Federal Reserve moves will stoke U.S. inflation prompted Morgan Stanley Smith Barney’s Global Investment Committee to increase inflation-linked securities and commodities exposure in recommended portfolio allocations, the brokerage firm said Monday. Meanwhile, the firm trimmed suggested exposure to emerging markets debt and real-estate investment trusts. Stock investment recommendations continue to underweight most developed markets and overweight emerging markets and commodity-sensitive Canadian and Australian equities. The firm is keeping a neutral, market-weight exposure to U.S. small- and midcap stocks. As for currencies, Morgan said that most of the U.S. dollar’s trade-weighted weakness is likely done, but the firm still expects major developed-market currencies to depreciate relative to the Chinese yuan and other emerging-market currencies.
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Euro rally fades as contagion fears grip investors
Traders make bolder bets after news of the Irish bail-out offers a positive start to the week, helping lift equities and commodity prices while squeezing the dollar
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Forex News Recap: China Tightens Bank Lending, Market Gets Jitters, Bernanke Defends QE2
Today’s session was light on fundamentals, though a move by China’s central bank to raise bank reserve requirements sent some shudders through equity and commodity markets boosting risk aversion. That helped the USD and JPY to pare some of their losses to higher yielders and commodity currencies from yesterday’s strong rally.
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