Markets Trade on a Positive Note

The Global Markets trade in mixed territory this morning with a negative bias. U.S. stocks retreated, snapping a four-day advance for the Standard & Poor’s 500 Index, as banks fell and investors speculated that today’s jobs report will show the world’s largest economy continues to struggle. European stocks rallied for a fourth day, the longest stretch of gains in more than month, after a report showed U.S. manufacturing unexpectedly expanded in August, boosting optimism in the world’s largest economy. This morning Asian stocks snapped a six-day streak of advances ahead of reports expected to show the U.S. jobless rate remained above 9 percent, adding to signs growth in the world’s largest economy is weakening. In commodities, Oil traded near the highest in a month, heading for a second weekly gain, as a tropical depression shut production platforms in the Gulf of Mexico, home to 27 percent of U.S. crude output. Brent’s premium to the New York contract widened. Gold may gain as concern that slowing growth will prompt further monetary easing in the U.S. spurs demand for the metal as a protection of wealth, a survey found. Copper in London traded little changed at $9,136 a metric ton after declining yesterday for the first time in seven days after export orders slid in China, the world’s biggest consumer of the metal. The Indian markets after starting on a positive note slid a bit from the day’s high to trade on a flattish but positive note. The main gainers this morning are the Metal and Oil & Gas indices that trade in green with a gain of more than two percentage points. The Nifty touched a high 5,113 in opening trades but soon pared most of its gains. The index was hovering around 5,050, up 49 points, and the Sensex was at 16,842, up 165 points. Market breadth was positive, 1378 stocks advanced for 783 stocks which declined on the BSE.