Oil spikes, global stocks are broadly higher, euro zone and China PMI data is mixed and upbeat U.K. services data pushed the pound higher. Here are four things to know in the market today, September 5.
1. Oil Spikes 5%
Oil climbed 5% on Monday after reports that Russia and Saudi Arabia will work together to support the market. The news refueled hopes of output freeze agreement between oil-producing nations.
The statement came just a few weeks before an informal OPEC meeting in Algeria between September 26 and 28.
U.S. crude futures were up 3.49% to $45.69. Brent oil climbed 3.25% to $48.35.
2. Global Stocks Broadly Higher
European stocks were higher after a downbeat jobs report out of the U.S., and Asian shares closed higher at the start of the week.
Upbeat services data out of the U.K. helped push the market higher, with the exception of the London FTSE 100, which was down slightly.
Wall Street is closed for a public holiday, but futures were trading mixed and flat. Dow futures were up by 8 points, while the Nasdaq 100 futures were down three points. S&P 500 futures gained 1 point.
3. Euro Zone and China PMI Data Mixed
China saw growth in its services sector last month, with new orders exceeding expectations and employment holding steady. Business expectations reached a six-month high.
The Caixin/Markit services PMI rose to a seasonally adjusted 52.1 last month. Analysts were only expecting a reading of 51.9.
In the euro zone, however, services PMI fell to 52.8 unexpectedly, which just missed expectations of a 53.1 reading. Overall business growth in the euro zone was at a 20-month low.
4. Upbeat U.K. Services Data Pushes the Pound Higher
The pound was up to a one-month high against the dollar on Monday after a new report showed that the U.K.’s services sector moved back into expansion territory last month.
Markit’s report showed the U.K.’s Markit/CIPS services PMI was up to 52.9 in August from 47.4 in July. Analysts were expecting a reading of 50.
