News today that the United States economy added 214,000 jobs last month which was below expectations of 240,000-250,000 with the unemployment rate dropping 0.1% to 5.8%. The miss on the October number was countered by an upward revision of 31,000 to August and September. Wall Street was marginally down on the news with the S&P 500 down 2 at 2,029.
S&P 500
FTSE 100
After the wobble in mid-May many of the major global equity indices have bounced strongly on positive economic data from the US as well as decent earnings from the third quarter season. Even currency crises like the collapse of the Russian Rouble against the dollar or the plunging price of oil (with Brent down to $81 this week) haven’t softened the appetite for shares after the wobble last month. Gold is up a little after the US jobs report at $1,154 but is way off the March highs of $1,391 and has had a tough few trading sessions in the last week, dropping from around $1,200 an ounce from the end of October.
With all the worries about the markets suddenly disappearing and many popular names in the American market hitting all time highs, it feels like there may be a chance for some bargain hunting again in coming weeks with the market perhaps taking a breather before the usual “Santa” Christmas rally.
Contrarian Investor UK
IMPORTANT: The posts I make are in no way meant as investment suggestions or recommendations to any visitors to the site. They are simply my views, personal reflections and analysis on the markets. Anyone who wishes to spread bet or buy stocks should rely on their own due diligence and common sense before placing any spread trade.
by contrarianuk
No surprises from latest US jobs report
Nov 7, 2014 at 3:27 pm in Market Commentary by contrarianuk
News today that the United States economy added 214,000 jobs last month which was below expectations of 240,000-250,000 with the unemployment rate dropping 0.1% to 5.8%. The miss on the October number was countered by an upward revision of 31,000 to August and September. Wall Street was marginally down on the news with the S&P 500 down 2 at 2,029.
S&P 500
FTSE 100
After the wobble in mid-May many of the major global equity indices have bounced strongly on positive economic data from the US as well as decent earnings from the third quarter season. Even currency crises like the collapse of the Russian Rouble against the dollar or the plunging price of oil (with Brent down to $81 this week) haven’t softened the appetite for shares after the wobble last month. Gold is up a little after the US jobs report at $1,154 but is way off the March highs of $1,391 and has had a tough few trading sessions in the last week, dropping from around $1,200 an ounce from the end of October.
With all the worries about the markets suddenly disappearing and many popular names in the American market hitting all time highs, it feels like there may be a chance for some bargain hunting again in coming weeks with the market perhaps taking a breather before the usual “Santa” Christmas rally.
Contrarian Investor UK
IMPORTANT: The posts I make are in no way meant as investment suggestions or recommendations to any visitors to the site. They are simply my views, personal reflections and analysis on the markets. Anyone who wishes to spread bet or buy stocks should rely on their own due diligence and common sense before placing any spread trade.