Markets Await ADP Nonfarm Employment Change
Trump to Meet Putin at G20
Is Apple Set for New All-Time Highs?
Market Recap – This week in a nutshell:
E.U. Markets rallied at the beginning of the week but dipped later on profit taking and utility led losses. Oil prices posted their longest stretch of gains in over five years this week after data pointed to moderate U.S. output.*
Thu, July 6: In Today’s Markets…
1. U.S. ADP Nonfarm Employment Change to Set the Mood for the Upcoming NFPs
The ADP National Employment Report reveals the monthly change in nonfarm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The report comes just one day ahead of government data and it is considered an important predictor of the government’s non-farm payroll report. Today’s release is of particular importance as forecasts point to a strong NFP on Friday. Last month, ADP revealed that nonfarm private employment rose by a seasonally adjusted 253,000 in May, while forecasts point to a decrease to 185K for June. The report is due to be released at 12:15 GMT and a weaker than expected reading can cause the USD crosses to dip.*
2. Trump and Putin to Meet on the Sidelines of G-20 Summit
A meeting between President Trump and Russia’s Vladimir Putin has been officially confirmed by the U.S. White House. The meeting will take place on the sidelines of the upcoming G-20 summit on Friday. It should be noted that Trump has repeatedly called for improved ties with Russia, but the upcoming encounter comes against a backdrop of tough sanctions and tensions over Ukraine and Syria. Trump will also be under extreme scrutiny and political pressure as he is expected to raise the issue of the alleged Russian interference in the 2016 election.**
3. Gene Munster Sees New All-Time Highs Coming Soon For Apple Inc
Analyst Gene Munster, shared some of his views on Apple Inc.’s future performance revealing that he predicts choppy action in coming months for the company but that he has very high expectations for the iPhone 8 release. Munster stated that Apple Inc. (AAPL) will suffer a short-term setback in the near future, but will rally to fresh all-time highs before the end of the year. Specifically, Munster believes the tech giant’s stock could even slip 5 percent before rallying to new highs of up to the $160 or $170 range. This effectively implies that Munster sees at least another 10 percent rally from Monday’s levels.***
*Source: Investing.com
**Source: CNBC
***Source: StockNews.com
