A slew of European data is expected, markets are mixed, ADP releases private job data, gold hovers near a two-month low, and oil falls. Here are five things to know in the market today, August 31.
1. European Data Expected
A slew of data is expected out of Europe today. Here’s what we know so far:
- Inflation data from the Eurozone held steady at 2% in August. The figure failed to meet analyst expectations of an increase to 0.3%.
- Unemployment in the region was unchanged at 1%. Germany reported declines in unemployment for August and Italy saw an unexpected drop in July.
- The European Central Bank said the current financial stimulus is justified.
- Mortgage lender Nationwide reported that home prices in August were higher in the U.K.
2. Markets are Mixed
Europe’s Stoxx 600 Index gained 0.2% in morning trade. Banks were leading the pack. In Asia, the MSCI Asia Pacific Index was 0.1% higher overnight. The Topix Index in Japan was 1.3% higher, offsetting the month’s losses.
In the U.S., S&P 500 futures were flat.
3. ADP Releases Private Jobs Report
Payroll processor ADP released their private jobs report on Wednesday, which showed the economy created 175,000 jobs in August, which was slightly lower than the expected 178,000 nonfarm payrolls estimate due later in the week.
4. Gold Reaches Two-Month Low
Gold prices are hovering near a two-month low as the dollar gained on renewed hopes of a rate hike in the near future.
Gold for December delivery inched up 45 cents to $1,316.95 per ounce.
5. Oil Falls
Oil prices tumbled in European trade, reaching a two-week low. West Texas Intermediate reached a low of $46 per barrel briefly.
The American Petroleum Institute announced on Tuesday after the closing bell that U.S. crude inventories were up by 942,000 barrels in August.
The U.S. Energy Information Administration will release its weekly oil supplies report mid-morning. Analysts are expecting an increase of 921,000 barrels.
