Things are looking up another day in a row
The streak continues. The dollar went up and stocks in Europe advanced as investors awaited the US jobs report being published today. At the same time oil headed to an 8-month peak, cause it looks like OPEC will extend the cuts.
Car makers seem to be making good headway in Europe. They were lead by Renault after news came out the government is selling a part of it’s stake. That was enough to compensate for banks that had a bad run after a few earnings reports that didn’t quite live up to investor expectations.
On the other side of the pond American employment probably went up in October after the gloomy hurricane ridden October. Meanwhile in Washington Donald Trump confirmed Jerome Powell becomes the Federal Reserve’s next chairman replacing Janet Yellen.
Investors keep weighing in the benefits of the president’s tax plan. S&P futures made headway.
Down under we had the worst retail sales in 7 years. The Aussie dollar meanwhile dropped 0.5%.
Hiring for October fell short of anticipations
Only good news ain’t too well. US stocks fluctuated and the dollar kept rising as the new October hiring data didn’t paint a picture too rosy of the strength of the US labor market. Service data topped estimates though.
On the positive note the data from August was greatly revised upward. Still the almost lack of reaction from the S&P means that there’s still not enough perception that the economy’s in the doldrums. Which means the party’s still going and there’s much profit to be made trading.
“On balance it was sort of a mixed report,” Phil Orlando, chief equity strategist at Federated, said for the financial media. “The headline stuff, nonfarms plus revisions were fine, and manufacturing had a nice bounce which was great, but a lot of the internal dynamics, particularly wage growth and hours worked were not as good as we had hoped.”
In the meantime, Venezuela president Nicholas Maduro said his country will look to restructure its global debt after the state owned oil company pays one more time.