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Market Update

U.S. October Report Offer Support to Rate Hike in December


Author: 123jump.com Staff
ticker.com
Last Update: 12:49 PM ET November 06 2015

[12:45 PM New York City, New York Market indexes on Wall Street lacked direction and net new jobs added in October increased 271,000. The strong job addition in the month supported the case for a rate hike at the next Fed meeting in December.

Market indexes on Wall Street meandered after the latest monthly jobs data showed a healthy increase supporting the rate hike scenario at the next meeting in December.

U.S. nonfarm payroll employment in October rose 271,000 and the unemployment rate held at 5% from September.

Employment in professional and business services, health care, retail trade, food services and drinking places, and construction increased in the month, the Department of Labor said.

On Wall Street, Tollbooth Strategy Index slid 8.02 to 11,086.07.

S&P 500 index fell 9.09 or 0.4% to 2,090.84 and the Nasdaq Composite Index edged up 2.30 to 5,130.04.

Crude oil in New York slid 79 cents to $46.84 a barrel and gold declined $16.43 to $1,087.49 an ounce.

U.S. Movers

Walt Disney Co (DIS) jumped 3% or $3.43 to $116.43 after the diversified entertainment and media group reported revenues in the fourth-quarter ending in September surged 9% from a year ago to $13.51 billion.

Net income in the quarter advanced 7.3% to $1.61 billion or 95 cents per diluted share compared to $1.5 billion or 86 cents per share from the same quarter last year.

European Markets

Market indexes across Europe traded lower and luxury stocks led the decliners after Richemont issued earnings warning.

The seasonally adjusted UK trade deficit in goods and services in September narrowed to 1.4 billion from 1.6 billion in August. Export prices in September rose 1.7% and import prices grew 0.9%.

Separately, the Office of National Statistics reported that production output in September rose 0.8% from August and jumped 1.1% from a year ago.

The U.K. economy approaches full employment and the labor market will tighten in the near future, according to Minouche Shafik, Bank of England Deputy Governor.

In London trading, FTSE 100 index slipped 12.68 or 0.2% to 6,352.22 and in Frankfurt the DAX index fell 15.00 or 0.14% to 10,872.74.

In Paris, CAC 40 index fell 42.09 or 0.85% to 4,937.95.

Allianz SE dropped 2.3% to 155.40 after the Germany-based financial services provider reported total revenues of 27.5 billion for the third-quarter ending in September, down 4.3% from a year ago to.

Net profit in the quarter declined 15.4% from a year ago to 1.36 billion compared to 1.61 billion and diluted earnings per share decreased to 2.98 from 3.52.

According to CFO Dieter Wemmer, the operating profit for the year is expected to grow at upper end of targeted range of 10 to 10.8 billion.

ArcelorMittal SA increased 2.1% to 5.08 although the Luxembourg-based steel maker said sales in the third-quarter ending in September plunged 22.3% from a year ago to $15.6 billion.

Net in the quarter swung to a loss from a year ago to $711 million compared to profit of $22 million and diluted loss per share swung to a 40 cents from diluted profit of 1 cent.

ArcelorMittal said sales in Europe declined 20.8% to $7.67 billion on lower steel shipments in the region and total steel shipments dropped 2.1% to 21.1 million metric tons.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc