Good news for the American Labour market last Friday as Non-Farm Payrolls added 275k jobs versus 200k predicted. Sounds great but then again January’s figures were revised downwards from 353k all the way down to 229k jobs. 43k jobs were also chipped off December’s estimate, raising the question of how much weight we can reasonably attach to the current figures. The unemployment rate came in at 3.9%, higher than estimates of 3.7%.
Questions of credibility aside, initially stock markets didn’t know what to make of the data print, the Nasdaq Composite and S&P 500 reaching intra-day all-time highs before losing 1.16% and 0.65% respectively by the session’s end. The recent rallies seen in big tech stocks petered out on Friday, contributing to downfall. The Dow Jones wasn’t particularly fazed, closing the day 0.18% in the red.
The negative sentiment on US tech stocks appears to have spread across the Pacific over the weekend, digging its claws deep into the Nikkei 225 this morning. The Japanese index fell 2.5% by lunchtime after opening low and is still struggling to find a floor at the time of writing. The strengthening of the Yen certainly isn’t helping matters, USDJPY now down to 147 after hovering above 150 for the past few weeks.
But enough about stocks. Gold continued to occupy the centre stage last week, gaining almost $100 to push up to $2,179 an ounce by Friday’s close. With the exception of US inflation data on Tuesday there is very little on the economic calendar over the next few days, so interest will remain on the precious metal moving into this week as well.
Эрсдлийн дохио : Худалдааны дериватив ба хөшүүрэг бүтээгдэхүүн нь өндөр түвшний эрсдэлтэй байдаг.
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