On 1 May, 2015 – Most European markets were shut for May Day

Most markets were closed in Europe and the Asia Pacific region for the May Day holiday Friday. US stocks rallied on the day and week.
United States
US shares rebounded from Thursday’s losses to post strong gains Friday. The Dow Jones industrials were up 1.0%, the S&P gained 1.1% and the Nasdaq added 1.3%. The rebound was partly due to bargain hunting following the pullback during the past week. For the week however, the Dow lost 0.3%, the S&P declined 0.4% while the Nasdaq dropped 1.7%.
The markets managed to maintain a positive bias following the release of a mixed batch of US economic data not long after the start of trading. The April ISM manufacturing survey reading was 51.5, unchanged from March. Construction spending unexpectedly dropped 0.6% in March. Expectations were for an increase in spending. But the final April University of Michigan consumer sentiment index reading was 95.9, unrevised from the mid-month reading and up from 93.0 in March.
Nektar Therapeutics helped to lead the biotech sector higher after reporting better than expected first quarter results. SkyWest gained after reporting better than expected first quarter earnings after the close of trading on Thursday. Railroad, chemical, housing and computer hardware stocks also moved higher along with most of the other major sectors. LinkedIn tumbled after the professional social network sharply lowered its guidance for the year, citing a stronger dollar and weaker demand for advertising.
Chevron declined after it said profit fell 43% in the first quarter amid tumbling oil prices. Gilead Sciences profit soared thanks to sales of its two key hepatitis C drugs. For the year, the company also raised its guidance for net product sales by US$2 billion. Expedia said its first quarter revenue grew more than expected amid strong growth at its namesake and Hotels.com brands.
Gold at the afternoon London fixing was down US$4.30 to US$1,175.95. Copper futures were up 1.5% to US$2.93. WTI spot crude was down 48 US cents to US$59.15. Dated Brent spot crude was down 32 US cents to US$66.46. The US dollar was up against all of its major counterparts with the exception of the Swiss franc. It declined against the Swiss franc. The Dollar Index was up 0.5%. The yield on US Treasury 30 year bond was up 8 basis points to 2.83% while the yield on the 10 year note was up 7 basis points to 2.11%.
Europe
The FTSE was up 0.4% on the day but retreated 1.2% for the week in light trading. The majority of the European markets were closed for the May Day holiday. The Irish stock market was the only other European market open for business. However, the British and Irish markets will be closed for a holiday on Monday. For the week, all other stock indices retreated.
Lloyds Banking Group surged after its first quarter underlying earnings rose. Barclays declined on a broker downgrade. Prudential declined after the company announced that it has named Mike Wells as its new CEO, effective June 1. Wells will succeed Tidjane Thiam, who is leaving to head up Credit Suisse. Rentokil Initial advanced after it reported increased revenue for the first quarter. Mining stocks turned in a strong performance, after Chinese manufacturing data topped expectations. Anglo American, Rio Tinto, BHP Billiton, Glencore and Antofagasta all finished higher on the day.
Seasonally adjusted Markit/CIPS Purchasing Managers’ Index slid to 51.9 in April from March’s 54.
Asia Pacific
Most major markets were closed for May Day Friday. However, the Japanese and Australian markets were open. The Nikkei edged up 0.1% while both the All Ordinaries and S&P/ASX added 0.4%. For the week, the Nikkei declined 2.4% and the All Ordinaries and S&P/ASX lost 1.8% and 2.0% respectively. Only the Hang Seng and Shanghai Composite advanced on the week.
In economic news, the April CFLP manufacturing PMI reading was 50.1 for a second consecutive month, beating expectations for 50.0. Australia’s manufacturing PMI continued to contract in April, albeit at a slower pace. The reading was 48.0, up from 46.3 in March. In Japan, the March CPI excluding fresh food was up 2.2% on the year. Unemployment in March was 3.4%. Housing spending plunged 10.6%. The latest PMI manufacturing in April slipped into contraction with a reading of 49.9.
Global Stock Market Recap

Please remember, the value of investments and the income from them can do down as well as up. Funds that invest in overseas markets may be subject to currency fluctuations. Investments in small and emerging markets can be more volatile than other overseas markets. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only.
Looking forward*
Monday — Manufacturing PMIs for China, India, the Eurozone, France, Germany and Switzerland will be reported. In the US, factory orders for March will be released.
Tuesday — The Reserve Bank of Australia publishes its monetary policy decision. April construction PMI is posted for the UK. March international trade data for Canada and the US are reported. In the US, the April services PMI and ISM nonmanufacturing index are on tap.
Wednesday — Australia releases March retail sales. Composite PMIs are reported for China, India, Eurozone, France and Germany. Services PMI is released for the UK. March Eurozone retail sales also will be released. In the US, the ADP private payroll report for April will be reported along with first quarter productivity and costs.
Thursday — Japan’s April composite PMI is on tap. The UK general election will be held. German March manufacturers’ orders will be reported along with March French industrial production and merchandise trade. In the US, March consumer credit and weekly jobless claims, Fed balance sheet and money supply will be posted.
Friday — March industrial production and merchandise trade balance will be released for Germany. Italy posts March industrial production and the UK, merchandise trade. Canada reports its April labour force survey. In the US, the employment situation report for April will be released.
*Note — all releases are listed in local time.