Oil stocks hit record, jobs data in focus... Citi predicts 30 per cent of financial roles will go...
Oil stocks hit record, jobs data in focus
US crude oil prices have been impacted by data showing that stockpiles have reached a record high, increasing by 2.5 million barrels in the week to March 25. The EIA reported record highs for the 7th straight week.
Global equity markets, dented by the lower oil prices, are now awaiting US jobs data with unemployment figures due at 8.30am ET Thursday and the employment situation report released at the same time Friday.
Asian markets closed mixed with Tokyo, Hong Kong and Seoul down and Shanghai and Sydney higher.
In Europe, there are losses so far across the markets. Investors are awaiting US jobs data but also digesting figures showing a slight increase in Eurozone inflation, although the figure remains below zero at minus 0.1 per cent for March. The ECB’s target is 2 per cent.
Wall Street and Toronto are expected to open lower.
Citi predicts 30 per cent of financial roles will go
Citigroup believes that there could be a reduction of as much as 30 per cent in the number of banking jobs across the US and Europe as financial technology disrupts the sector. The roles will be lost over the next decade as FinTech increases; the industry has seen a near-ten-fold rise in investment since 2010. The most likely area of the banking sector to decline is branch networks, the report says.
US crude oil prices have been impacted by data showing that stockpiles have reached a record high, increasing by 2.5 million barrels in the week to March 25. The EIA reported record highs for the 7th straight week.
Global equity markets, dented by the lower oil prices, are now awaiting US jobs data with unemployment figures due at 8.30am ET Thursday and the employment situation report released at the same time Friday.
Asian markets closed mixed with Tokyo, Hong Kong and Seoul down and Shanghai and Sydney higher.
In Europe, there are losses so far across the markets. Investors are awaiting US jobs data but also digesting figures showing a slight increase in Eurozone inflation, although the figure remains below zero at minus 0.1 per cent for March. The ECB’s target is 2 per cent.
Wall Street and Toronto are expected to open lower.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 17,716.66 (+0.47 per cent) | +7.27 per cent | -0.33 per cent |
| TSX Composite | 13,503.98 (+0.58 per cent) | +5.00 per cent | -9.38 per cent |
| Europe (at 5.30am ET) |
|||
| UK FTSE | 6,164.04 (-0.63 per cent) | +1.10 per cent | -8.99 per cent |
| German DAX | 9,985.32 (-0.61 per cent) | +5.16 per cent | -16.55 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,218.09 (+0.06 per cent) | +11.84 per cent | -20.56 per cent |
| Japan Nikkei | 16,758.67 (-0.71 per cent) | +4.57 per cent | -12.75 per cent |
| Other Data (at 6.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 39.28 (+0.05 per cent) |
37.94 (-1.04 per cent) |
1235.80 (+0.59 per cent) |
U$0.7717 |
| Aus. Dollar |
|||
| U$0.7675 | |||
Citi predicts 30 per cent of financial roles will go
Citigroup believes that there could be a reduction of as much as 30 per cent in the number of banking jobs across the US and Europe as financial technology disrupts the sector. The roles will be lost over the next decade as FinTech increases; the industry has seen a near-ten-fold rise in investment since 2010. The most likely area of the banking sector to decline is branch networks, the report says.
