Business News Asia
A busy week for investors. Yesterday CB Consumer Confidence, today ADP Jobs Report, ISM (Institute for Supply Management) manufacturing PMI and crude oil inventories, and on Friday government nonfarm payrolls and unemployment rate (Aug).
But first in order.
The CB Consumer Confidence Index fell to 113.8 from 125.1 in August, further lowering consumer confidence.
The ADP Jobs Report came in worse than expected. Thus, the private sector was able to create fewer jobs. Expected about 613,000 jobs, but only 374,000 could be added, which means only a small increase over the previous month.
ISM manufacturing PMI could surprise and exceeded expectations. The forecast of 58.6 could be slightly exceeded with 59.9. Nevertheless, there are statements that one should be prepared for further supply bottlenecks in manufacturing.
The crude oil inventory fell by 7.169 million barrels. Analysts projected in advance a fall of 3.088 million barrels.
In view of the many news this week, the gold price shows a little more volatile, but still holds the $1800 mark.
Gold was slightly weaker Wednesday evening at 10:22 PM Asia time (GMT+7), falling 0.07% to $1813.90.
Silver, meanwhile, gained some grip and managed to climb back above the important $24 mark after starting the day just below it. The silver price rose by 1.19% to $24.26.
Exciting it will be again on Friday when the nonfarm payroll and the unemployment rate are published. Both figures are included in the future monetary policy of the Fed.
Also to watch, the uranium market. Uranium prices could manage to get above $33 to currently $33.75 the pound. After the uranium producers’ shares could already start a first rally last year, the iron remains hot here as well.