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BetOnMarkets Afternoon Report

Discussion in 'Market Predictions and Reports' started by Erik, Dec 3, 2008.

  1. Erik

    Erik BetOnMarkets Representative

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    Markets are down today as US ADP employment report confirmed what many Americans are already experiencing; the number of people in private employment is falling. Like readily available credit, jobs are being squeezed on both sides of the Atlantic. Corporate layoffs also surged to a near 7 year high as the omens for the Friday’s big US employment report appear grim. Markets have managed to hold on to most of yesterday’s gains though as bad news about the economy is starting to be priced in. Today’s job numbers were at the lower end of estimates, but they could have been a lot worse.

    Resource and energy stocks are under pressure as crude prices continue to slide. Oil prices made a century of sorts today, at $47, oil prices have now fallen exactly $100 from their peak in July. The decline is all the more remarkable when you consider the fact that oil started the year under $100. Oil majors such as BP, Shell and Exxon Mobil have managed to hold up relatively well of late though. The divergence between oil prices and oil majors may possibly be a function of oil producers being able to extract good margins as the price at the pumps hasn’t fallen to the same by the same severity as the price of crude.

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