Markets

Global Investor: FX Impact, Aug. 29 - Sep. 2

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U.S. & Canada Graph
Returns of the MSCI United States and MSCI Canada indexes, past five days, priced in USD

Macro Notes

We enter the week facing much of the same concerns about stalled growth that have plagued the markets for weeks.

Through Thursday, last week looked like it would be a good week for North American equities. Earlier in the week we saw favorable estimates for new jobs from the payroll services company ADP. Indeed, there appeared to be glimmers of hope for continued job growth.

But the nonfarm payroll report changed everything. According to the U.S. Department of Labor, the economy added zero jobs, while economists expected to see an addition of 68,000 jobs. While the private sector saw some hiring increase, it was nowhere near what was expected.

The result:an entire week’s gains were wiped out in Friday’s trading.

Canadian equities didn’t fare much better, although the continued weakness in the greenback helped cushion Friday’s pain for unheeded investors.

Expect much of the same this week, as any indication about the state of the economy will continue to drive major market movements. With the last week of August behind us, the markets should become a bit busier, particularly as President Obama lays out new economic plans to address joblessness in the U.S.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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