business newsStocks Rally After Romney Trounces Obama in Debate
Today's financial recap and tomorrow's financial outlook.
PRINT
-
Stay Connected
-
-
-
-
Monthly factory orders fell by 5.2%, ahead of the expected decline of 5.9%, but well below last month's rise of 2.6%. Because last week's durable goods orders fell by over 13%, a decline of this magnitude was not totally unexpected and was not met with selling pressure. Weekly initial jobless claims rose to 367,000, which was below the estimate of 370,000, but up from last week's 363,000.
The European Central Bank (ECB) released its monthly rate decision. The central bank decided to keep its benchmark interest rate unchanged at 0.75%. During the monthly press conference following the announcement, President Mario Draghi discussed how the central bank's decision to set up a framework for a plan that would allow the ECB to purchase bonds in the secondary market of eurozone countries was within its mandate. Recently, the German Bundesbank and the German government have challenged the ECB over the legality of its bond buying program, termed OMTs. Also in central bank news, the Bank of England kept its benchmark interest rate and asset purchase program unchanged.
Facebook (NASDAQ:FB) revealed in a press release this morning that the social network had passed the 1 billion monthly active users mark. Facebook will report third quarter earnings on October 23.
Tomorrow's Financial Outlook
The Bureau of Labor Statistics will report the monthly nonfarm payrolls report tomorrow morning at 8:30 a.m. ET. Economist expectations are for a rise of 115,000 payrolls, up from last month's 96,000. Private payrolls are expected to rise by 130,000, up from last month's 103,000. The unemployment rate is expected to rise from 8.1% to 8.2%. Consumer credit will be released in the afternoon with analysts expecting a rise to $7.25 billion from a decline of $3.27 billion last month.
In Europe, Germany will report monthly factory orders. In North America, Canada will report its monthly payroll figures at 8:30 a.m. ET.
On the earnings front, Constellation Brands (NYSE:STZ) will report before the open.
Twitter: @Minyanville
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
