FXS: The US payrolls report showed a strong pick‐up in hiring in February
European shares opened higher this morning, extending their gains heading into the payrolls report. They reversed part of their gains however as US wage data disappointed. Currently, European indices gain 0.50%. US Equities opened slightly lower.
The US payrolls report showed a strong pick‐up in hiring in February, from an upwardly revised 172 000 to 242 000, well above the market consensus. The unemployment rate was unchanged at 4.9%, but wage data disappointed, showing an unexpected decline.
Crude oil prices trade slightly firmer with the Brent hovering around $37.50/barrel as producers will meet again to discuss production levels.
US trade data disappointed, showing a widening in the deficit from $44.70B in December to $45.70 billion in January. Both exports and imports dropped at the start of the year, pointing to weak economic activity.
China’s economy is facing greater difficulties and challenges in 2016 as the government forges ahead with structural reforms, Chinese Premier Li Keqiang said today, while other sources said the government would target economic growth of between 6.5 and 7% this year, Reuters reports.
