EU Daily Market Wrap - 3rd May 2019

EU Daily Market Wrap - 3rd May 2019

Updated: May 7, 2019

Today's Highlights

EU Core Inflation YoY back to 1.2%;

US Jobs top forecast and Wages miss estimates;

Macro Review

As for every first Friday of the month, the week concludes with the very much awaited US Job report. The outcome suggest dollar weakness and a choppy reaction in US Equities. The US economy added another 263.000 workers in April (against the 185K consensus). On the other hand wage growth remains subdued in April at 0.2% below the 0.3% expectation, suggesting a further round of the Goldilock excitement in stocks. However, the initial reaction was mixed due to a negative revision in NFP and a revision higher in Average Hourly Earnings.

US Equities hedged higher after as US Jobs data picture a tight labour market without rising inflation risk. European Equities were also lifted by positive sentiment in the US. 

On the currency front, most of the US Dollar counterparts were supported by a weaker dollar as US wage growth excluded reflationary pressures and the ISM Non-Manufacturing PMI tumbles to a 20-Months low (55.5 vs 57 expected) adding more confusion in assessing the status of the US economy.

Looking over the commodity complex, Crude Oil rebounded from yesterday's low amid USD weakness.

Gold also shoot higher above the 1280 level after the release of NFP Payrolls.

EU Close

If you missed the morning briefing from the desk click HERE

Hope you enjoyed the session and I wish you all a great weekend and bank holiday

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