Jobs Rise by 215,000

Elena
02 Dec, 2005
New York City

Asian-Pacific markets closed higher with the Nikkei up 1.9%, hitting a fresh five-year high of 15,421,60 on strong U.S. data. European shares advanced at mid-day on technology stocks with the CAC 40 rising 0.2% to 4,644 for the first time in three years. Key non-farm payrolls report is due out today, expected to show strong job growth in November and steady unemployment rate.

U.S. MARKET AVERAGES

U.S. stock futures are indicating flat to slightly higher opening ahead of government’s monthly employment report, expected to show strong job growth in November. Stocks rallied on Thursday after three days of profit-taking, with the three major averages hitting their biggest single-day gains in a month.

The economy will remain in the spotlight on Friday, with the release of the November employment report. Economists expect non-farm payrolls to climb by 225,000 in November, while unemployment rate is seen to remain steady at 5%.

Oil companies are expected to gain as U.S. crude oil prices headed for $59 a barrel on a forecast blast of cold weather in the United States.

S&P 500 futures were up 0.6 points, slightly above their fair value. Dow Jones industrial average futures were up 3 points, and Nasdaq 100 futures were up 2.50 points.

Barr Pharmaceuticals ((BRL)) revealed Friday that it has finalized an agreement to settle a pending patent litigation with Akzo Nobel''s ((AKZOY)) Organon and Savient ((SVNTE)) concerning Barr''s generic version of Mircette, which the company markets under the trade name Kariva. Under the deal, Barr will acquire exclusive rights to Mircette, an oral contraceptive product.

INTERNATIONAL MARKET NEWS

Asian-Pacific benchmarks finished in the positive territory. The Nikkei hit another five-year high, climbing 1.9% to 15,421,60, boosted by strong U.S. economic data, easing inflation concerns and higher Wall Street close overnight. Among other regional markets, Hong Kong’s Hang Seng rose 0.9%, Sydney’s All Ordinaries advanced 0.9%, and South Korea’s Kospi gained 0.3%.

European markets advanced at mid-day dealings, pushed higher by the best performers of the day, technology stocks. Key U.S. economic news, expected later in the day, also weighed on sentiment. The German DAX 30 gained 0.3%, the CAC 40 rose 0.2%, reaching a three-year high of 4,644, and London’s FTSE 100 rose 0.4%. The euro fell 0.3% to $1.1709.

OIL, METALS, CURRENCIES

Crude oil prices neared $59 a barrel on U.S. cold. weather forecast. Light sweet crude for January delivery rose 19 to $58.66 a barrel in electronic trading on the Nymex. London Brent jumped 50 cents to $56.65..

European gold hit a 23-year high. In London the precious metal was fixed at $504.75 per troy ounce, up from $499.75. In Zurich gold traded at $505.05, up from $501.66. In Hong Kong gold gained $2.80 to close at $506.55. Silver traded at $8.51, up from $8.41.

The U.S. dollar advanced against its major counterparts. The euro was quoted at $1.1709, down from $1.1734. The dollar bought 120.74 yen, up from 120.46. The British pound traded at $1.7282, down from $1.7310.