| Futures news from Dailyfutures.com |
| Wednesday, July 1, 2009 |
|
U.S. Economy
The Institute of Supply Management's index of manufacturing increased from 42.8 to 44.8 in June, still a sign of contraction. The December 2010 eurodollars were up .065 at 97.76. The private firm, ADP Employer Services, predicted that tomorrow's unemployment report will show that 473,000 jobs were lost in June. The U.S. Census Bureau said that construction spending was down .9% in May and down 11.6% from a year ago. The Mortgage Bankers Association said that its index of mortgage applications fell to 444.8 last week, the lowest in seven months. Ford said that its U.S. vehicle sales were down 10.7% in June from a year ago, not as bad as expected. There are reports that the U.S. Treasury will expand its foreclosure prevention program to include homeowners with as much as -25% equity. September lumber was down $1.80 at $210.00. Grains and Cotton
December corn ended up 2 cents at $3.692 after closing limit-down yesterday with favorable growing weather expected in the U.S. this week. October cotton finished up its 3-cent daily limit at 58.63 with hopes that demand in China will remain strong. Livestock
October cattle closed up .60 at 90.77, the highest close in over five months, helped by a gradual improvement of economic news. Energies
The DOE also said that refinery use slipped from 87.1% to 87.0% of capacity last week. Over the past four weeks, gasoline demand was up .9% from a year ago while distillate demand was down 9.4% from a year ago. September natural gas was down 3.8 cents at $3.944 with mild temperatures over most of the U.S. this week. Metals
October gold finished up $14.00 at $942.80, helped by today's weaker U.S. dollar. Currencies
The September Canadian dollar jumped up .99 to 87.09, one day after the government said that real GDP was down 3.0% in April from a year ago. The U.K.'s Office for National Statistics said that its index of services was down .1% in April. Also, a separate index of manufacturing in the U.K. increased from 45.4 to 47.0 in June, still a sign of contraction. An index of manufacturing in the Euro zone increased from 40.7 to 42.6 in June, still a sign of contraction, but the best reading in nine months. Japan's Tankan survey of business confidence increased from -58 to -48 in the second quarter, but still indicated pessimism.
|
| Visit Dailyfutures.com for more news and market information... |