Market Gazer
market review : Europe & US
Better-than-expected nonfarm payrolls
data coming out of US pushed shares up
in Europe and North America. German
DAX index was up 0.83% or 50.77 points
to 6,1342.62 and FTSE 100 index rose
57.11 points or 1.06% to 5,428.15. Dow
Jones Industrial Average gained 127.83
points or 1.24% to end at 10,447.93, the
tech-laden Nasdaq Composite ended
1.53% higher after rising 33.74 points to
2,333.75, while the S&P 500 index settled
the day with 1.32% gains or up 14.41
points to 1,104.51.
US nonfarm payrolls was down 54,000 in
August, after it slipped 131,000 in July.
The result was better than the expected
fall of 105,000 despite it still suggested
that the labor markets in the US remained
fragile. Meanwhile, unemployment rate
was up to 9.6% from 9.5%.
US Nonfarm payrolls Aug ’08 – Aug ‘10
Nonfarm payrolls data sent the stocks
rallying, until they bumped into the ISM
data for non-manufacturing which was
reported to have slowed from 54.3 to 51.5
in August. Nevertheless, the market
seemed to feel relieved as the job data
September 3rd 2010
Hong Kong - Japan - Germany - UK - North America
managed to sooth the anxieties among
investors over the US economic outlook.
Prior to the US data releases, German PMI
for the service sector was released below
expectations. In August the index fell to
57.2 from 58.5, while the consensus saw
the index stayed unchanged. In UK, PMI
for the service sector also dipped to 51.3
in August from July’s 53.1. Meanwhile, the
Euro-zone PMI for the service sector was
reported at 55.9, up from 55.6. Its
composite index edged higher to 56.2
from 56.1.
Other data coming out of Europe was the
retail sales figure for July. Year-on-year,
sales slowed to 1.1% from 1.2%, while
month-on-month, sales slowed from 0.2%
to 0.1%.
Daimler rose 1.60% to
€41.65 as the
company reported a jump in sales of its
Mercedes-Benz unit by 22% in August.
The jump of E-Class and S-Class models
were dominant in China, Germany, and
US. In August, 81,000 units of vehicles and
SUVs had been sold, while since the start
of 2010 sales had reached 735,400 units
or up 16% compared to the same period
in 2009.
Commerzbank announced its plan to
expand the corporate business in France.
Company’s board member Markus
Beumer, who is in charge of the corporate
banking business said that in the next five
years Commerzank will double its
business through acquiring new
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 Market Gazer Hong Kong - Japan - Germany - UK - North America

customers and also by improving existing
business relations. Commerzbank was at
€6.39, up 0.3% by the end of the day.
Deutsche Telekom was
reportedly in talk with
Apple Inc. regarding its exclusive rights to
sell iPhone in Germany. Its current
contract is due to end in October and so
far it is rumored that Vodafone and
Telefonica SA will take over the exclusive
rights from Deutsche Telekom when the
contract ends in October. Deutsche
Telekom edged down 0.1% to €10.36.
BP climbed 2.32% to 401.70 pence on
Friday on the news that it was considering
selling its assets in Algeria, Vietnam, and
Venezuela for a total value of $5 billion.
The cash from these assets would be used
to finance the cost for repairing the spill at
the Gulf of Mexico. So far, the total
amount spent to cover the damage has
reached $8 billion.
AG office confirmed that they were
conducting the investigation. Google is
facing similar case in Europe with the
European Commission.
Exxon Mobil Corp. had its
price target downgraded
by Deutsche Bank from
$80 to $70, although it is still rated as a
BUY. Deutsche Bank further said that
Exxon’s rival, ConocoPhillips, has a better
upside potential.
Holiday Alert: US markets will be shut
down for Labor Day holiday on Monday.
Disclaimer: This report is provided for information purposes
only. It is not an offer to sell or to buy any securities. This
report has been prepared based on sources believed to be
reliable, but there is no assurance or guarantee regarding its
completeness & and accuracy. The author accepts any
responsibility or liability arising from any use of the report. The
author at the moment of writing has interest in any of the
securities mentioned in the report.

Not much corporate

news coming from US,
but 3M CEO George
Buckley’s statement
helped pushed the company’s shares to
$83.48 or up 2% when he said that 3M
planned to do acquisitions in the health
care industry and also in the “industrial
space”.

Google also made the news on Friday as it

said that the Texas Attorney General was
investigating its ranking system that could
influence the popularity of commercial
websites. While no details were given, the

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September 3rd 2010 Page 2