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MENAFN - ecPulse - 10/10/2012

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Another smooth day is about to begin in the U.S. with second-tier economic fundamentals having a slight effect on the market sentiment, but investors are still closely monitoring the performance of the world’s largest economy.

The Federal Reserves Beige book will be released today which is a report on current economic conditions in each of the 12 Federal Reserve districts giving a picture of economic trends and challenges faces the economy in different regions.

U.S. stock futures declined ahead of the U.S. opening bell, as Alcoa Inc. downgraded its outlook for global aluminum consumption, to 6 percent growth from 7 in an earlier projection.

"The main driver for this is China, as Chinas aluminum demand growth was 11 percent in the first half of the year, but we believe this is going to come down in the second half to 7 percent”, the company said.

Uncertainty remains evident in the market and investors try to be careful with the unofficial start of the earning season in the U.S. Futures on the Standard & Poors 500 Index dropped 0.1% to 1,435.10 as of 06:46 EST.

Eyes are broadly tensed today as investors are watching how the economy will perform in the coming period after the Fed initiated a third round of easing in a bid to spur growth and help the labor market amid the current obstacles facing the U.S. and global economy in general.

The U.S. labor conditions remain poor despite the last drop in U.S. jobless rate to 7.8% last month from 8.1% in August, as more Americans dropped out of the workforce with lower participation rate and an increase in part-time workers in September.

The Feds promised in its last meeting when it initiated the QE3 program, to act immediately and support the economy and the labor sector in particular, if labor conditions remain weak.

On the economic front, wholesale inventories will be reported today probably showing an increase by 0.4% in August, compared to the previous increase of 0.7%.

The U.S. dollar continued its sharp upside bias today and reached a high of 80.17 after it opened the session at 79.97, this traders will watch the greenback and whether if it will maintain this upside bias or it will return to the downside.


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