Market Headlines 28/8/2017
- US stocks had a moderately positive session on Friday following the highly anticipated Jackson Hole speeches from key central bank figures. The S&P 500 gained 0.2%, with Telecoms and Energy contributing the most gains.
- Oil prices moved higher as observants watched the progress of Storm Harvey towards Texas. Brent Crude settled 0.7% higher and buoyed Energy stocks.
- The primary event of interest this week is likely to be Friday’s US jobs report. Consensus expectations are for the US economy to have added 180,000 jobs in August and for the pace of wage growth to accelerate to 2.6% versus the 2.5% seen in July.
- European equities failed to hold intra-day gains on Friday and ultimately settled 0.2% lower. All major indices across the continent settled marginally weaker.
- The euro traded above $1.19 against the dollar on Friday as Mario Draghi failed to talk down the common currency at his Jackson Hole speech on Friday.
- UK equity markets are closed today for a bank holiday today.
A mixed session for Asian equities overnight as investors weigh the damage from Tropical Strom Harvey on US oil refining centres. Japanese stocks closed unchanged while Chinese equities gained 0.6%.