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Market Brief: Stocks Shrug Off Lackluster Wage Growth
FX: The Australian dollar was the strongest major currency on the day, with the British pound and US dollar bringing up the rear. The pound was hurt by fears over the viability of PM Boris Johnson’s Brexit proposal and his repeated emphasis on leaving the EU at the end of the month, with or without a deal.
US data: US Non-Farm Payrolls (Sept) printed at 136k, roughly in-line with the 145k reading expected, but the details of the report were mixed: previous revisions added +45k jobs to the total, but wages were flat (0.0% m/m). The unemployment rate ticked down to 3.5%, a 50-year low.
Commodities: Gold was essentially flat on the day while oil ticked higher in quiet trade.
See the key economic reports and market trends we’ll be watching in the coming week!
US indices closed roughly 1% higher in a “sell the rumor, buy the fact” reaction to this morning’s NFP report.
All eleven major sectors rose on the day, led by Financial (XLF). Materials stocks (XLB) brought up the rear on the day.
Stocks on the move:
Apple (AAPL) rose nearly 3% after a report that the company had asked suppliers to increase production of the iPhone 11 by 10%.
PC and printer manufacturer HP (HPQ) shed -10% after announcing plans to layoff thousands of workers and refocus its business on software and services.
Original from: www.forex.com
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