US Job report confirms downtrend in NFP and solid wage growth headline.
Corbyn calls for united response to block early elections
WH: All topics to be on the table in China trade talks
I guess most of you are looking at the SP500 trying to understand what has changed in the last two days after the US index broke above 2946 before almost touching the 3000 mark, when there is still a trade war going on, manufacturing activity around the world remains in recession, Brexit has not been resolved and there is a financial cataclysm going on the EM world. Well, the reality is that if people were even slightly concerned about the consequence of the ex-US troubles on the US, that this week US data have definitely softened those worries. Manufacturing activity remains under pressure but looks solid relative to other economies whereas the Service PMI surges to mid-cycle levels. Moreover, today NFP report signals solid job number (130K vs exp 158K)- on a downtrend form January 2019, but within normal levels - and wage growth (3.2% YoY) compatible
with the current FED policy path. Therefore, no-surprise is a positive surprise as the market cheers the renewed Trade optimism, the lesser chance of a US recession and the good job done by the FED. "We are killing it on the economy!"
_______________ EU Close
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