Month: September 2012

While the August jobs report in the US fell below expectations, Canada’s beat expectations. The Canadian economy added a net total of 34,300 jobs for the month of august, beating estimates of 10,000 according to the AP.The number is deceptive though, as the same source reports that only part-time jobs were added to the economy. 46,700 part-time jobs were added, while 12,500 full-time positions were lost. Even with these non-full-time gains, the Canadian unemployment rate remained at 7.3%.Interestingly, The AP also reports that a majority of the job losses from July and gains from August occurred in the Quebec region of the nation.

From Fnno.com this is the financial news network. America only added 96,000 jobs in August, well below the expected 130,000. Major indexes stayed relatively flat as we approach the end of this week. US Treasuries rallied slightly on the back of some safety seeking trades and the 10yr yield is sitting at 1.65 handle. Given the job report, quantitative easing looks more likely and in response to that expectation, USD became weaker against all major currencies. We all agree that QE3 will boost equities and damage the dollar, but really there isn’t much the Fed can do going into their meeting next Wed. Gold price rallied more than 2% to 1738, which is the highest it has been the past 6 months. For more news and updated, keep it right here at the Financial News Network, I’m Julia Sun. Find us on twitter @FNNOnline

This holiday shortened thirty sixth trading week of 2012 comes to a close with analyzing fresh jobs data that and hoping that the weak report would spur the Federal Reserve to act. Hi.

Apollo (APOL) was downgraded by Deutsche Bank (DB) to sell from hold with a price target of $25 as the company is facing increased competition. Shares are lower by about seven tenths of a percent.

Turning today to week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, the largest outflow was seen in the iShares MSCI Japan Index Fund (EWJ), which shed 12,000,000 shares, or a 2.3% decrease week over week. And on a percentage change basis, the ETF with the largest outflow was the Retail ETF (RTH), which lost 600,000 of its shares, for a whopping 68.8% decline in outstanding shares.

The Daily Ticker’s Aaron Task interviews Sterne Agee market strategist Sharon Stark and UBS economist Maury Harris

In trading on Friday, non-precious metals & non-metallic mining shares were relative leaders, up on the day by about 3%. Leading the group were shares of Mechel Oao (MTL), up about 8.6% and shares of Cliffs Natural Resources (CLF) up about 8.3% on the day.

Computer chip giant Intel (INTC) announced that revenue for its third quarter will be below analyst estimates. Expectations for the quarter are revenue of$13.2 billion, plus or minus $300 million.

Nokia (NYSE:NOK) unveiled two new smartphones yesterday, the Nokia Lumia 920, and the Nokia Lumia 820. The new devices were the most powerful yet from the company, with Windows Phone 8 software and the ability to charge wirelessly, but investors gave them a big thumbs down. By the time the markets closed yesterday, Nokia stock had dropped 15.9% to settle at $2.38, down from its opening price of $2.89. In an effort to arrest stock losses, Nokia announced that they would cut prices on older phones operated by the company. But that doesn’t seem to be helping too much. In today’s trading, the stock is only continuing to plunge. For more on the latest business news, follow us on Twitter @FNNOnline, or check out our website at fnno.com.

The ECB kept the interest rate unchanged and announced the plan to purchase sovereign bond through the new program called Outright Monetary Transactions or OMT. It also decided to eliminate credit rating threshold on all debt issued or guaranteed by the central governments in the euro area with the exception of Greece. Similar securities denominated in USD, GBP and YEN will also qualify. Effectively it’s saying that banks don’t have to worry about further downgrades on sovereigns in the euro area and they can use their holdings to US Treasuries, Gilts and JGBs to borrow from the ECB. Overall market reacted very positively even though what came out was largely in line with expectation. Spanish and Italian government bond yields edged slightly lower. Euro Stoxx popped 3.4%, the CAC 40 gained 3.06% and the DAX finished up 2.91%. Here in the US, treasuries fell and the S&P 500 reached the best level since Jan 2008. twitter @FNNOnline or check us out at our website at fnno.com.