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Macro data vs Energy stocks – DB

FXStreet (Barcelona) - The Research Team at Deutsche Bank highlights that the recent battle between supportive macro data and declining energy stocks has kept the market in check.

Key Quotes

“Yesterday the S&P closed +0.05% as the energy sector continued to drag on the rest of the index, declining 1.34%.“

“In terms of data, the JOLTS headline figure of 4.7m job openings in September was slightly softer compared to the August reading (4.8m) however the encouraging signs came from a rise in the ‘hiring rate’ to 3.6% (from 3.4%) as well as a rising ‘quit’ rate to 2.0% from 1.8% which represents the highest level since April 2008.“

“Offsetting this however was a further fall in the oil price. Brent declined 3.1% to $77.92 in trading last night whilst WTI was 3.9% lower to $74.21, both at the lowest levels since September 2010.”

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