By ForexMansion.com
The U.S. session started today with some mixed news, where the U.S. labor department released the jobless claims, which continued to show further improvement in the labor sector, as it eased to 388K from 394K although worse than expectations of 380K, while manufacturing activities in the United States also eased as reported by the Chicago PMI to 70.6 from 71.2, yet better than expectations of 69.9.
Meanwhile, Canada reported the Gross Domestic Product for the month of January, where the Canadian economy expanded in line with expectations at 0.5%, while over an annualized pace, the Canadian economy expanded by 3.3% better than forecasts of 3.1%.
Accordingly the reaction in stock markets was somewhat mixed, where U.S. stock indexes fluctuated during the opening hours between gains and losses without a clear direction, bearing in mind that investors are still focused on tomorrow’s U.S. jobs report.
Meanwhile, European stock markets trimmed earlier losses and swung between gains and losses as well, where investors are still worried over the outlook of the European debt crisis, which continues to hammer confidence over the outlook of European economies.
Meanwhile, gold prices rose today as investors headed for safety amid concerns over rising inflation rates in Europe to lead oil prices above $1430 an ounce, while news emerged that Gaddafi troops forced rebels to retreat, which fueled worries over the never ending political saga in Libya and lead crude oil prices above $106 a barrel.
Originally posted here
