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According to foreign media reports on April 29th, American drivers are feeling an increasingly heavy "pain of refueling." Data from the American Automobile Association (AAA) on Tuesday (28th) shows that the average price of regular gasoline across the United States has risen to its highest level in nearly four years. Since the US-Israel attacks on Iran at the end of February, gasoline prices have risen by more than 40%. Data shows that the average price of gasoline across the US on Tuesday was close to $4.18 per gallon, up 11 cents so far this month; and up $1.19 per gallon since the end of February. More worryingly, there is still room for further price increases—last week, Brent crude futures rose by about 16% and US WTI crude rose by nearly 13% as diplomatic efforts to end the war with Iran stalled and supply concerns intensified. GasBuddy analysts pointed out that refinery maintenance and scheduled upkeep in the Great Lakes region will keep consumers in the region facing persistently high gasoline prices.The UKs National Institute of Economic and Social Research (NIESR) has lowered its 2026 UK economic growth forecast from 1.4% to 0.9% based on a moderate scenario.The UKs National Institute of Economic and Social Research (NIESR) predicts that, under a moderate scenario, the Bank of Englands interest rate will be raised to 4%.The UKs National Institute of Economic and Social Research predicts that the UK economy will grow by only 0.5% under an "unfavorable" Middle East scenario.The UKs National Institute of Economic and Social Research predicts that inflation will peak above 6% under adverse scenarios.

Edging Higher as Investors Digest Jobs Data

Jimmy Khan

Jul 11, 2022 15:22

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The tech-weighted index is on track to have its greatest performance since early November if it advances for a fifth consecutive session.


As investors processed Friday's U.S. Non-Farm Payrolls data, the September E-mini NASDAQ-100 Index futures were slightly higher late in the day.


Investors are also preparing for the US consumer inflation data due out next week. The tech-weighted index is poised to end up for a fifth consecutive session, which would be its best showing since early November, despite Friday's poor trading.


September E-mini NASDAQ-100 Index futures are now trading at 12163.25, up 24.75 or +0.20 percent, as of 19:00 GMT. The S&P 500 Trust ETF (GLD) is down $0.28 or 0.07 percent, trading at $388.71.


According to a Reuters survey of experts, the Labor Department's eagerly anticipated report revealed Non-Farm Payrolls grew by 372,000 jobs in June, greater than the gain of 268,000 expected. The survey also revealed that average hourly wages increased by 0.3 percent after increasing by 0.4 percent in May, while the unemployment rate held steady at 3.6 percent, close to pre-pandemic lows.


The price movement indicates that investors have factored in the widely anticipated 75-basis point rate rise by the Fed on July 27. Gains are, however, being constrained by usually anxious traders who are fixated on analyzing every new piece of data as it is revealed. The US Consumer Inflation (CPI) data is due out on Wednesday. Due to the increase in fuel prices in June, a good start is anticipated.


Short-Term Outlook The September E-min NASDAQ-100 Index's movement into Friday's close will probably depend on how traders respond to the short-term 50 percent mark at 12021.00.

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