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US Non Farm Payrolls Disappoint July 11th 2011
Last Updated on Monday, 11 July 2011 13:06
- US markets went into Friday’s session with a high degree of optimism leading into the important Non Farm Payrolls data. The figure was a big disappointment with only 18k jobs created for the month of June, well below the markets expectations of approximately 100k jobs. Private sector employment growth continues to be bogged down by public sector losses
- Attention now turns to the corporate earnings season with aluminum giant Alcoa unofficially kicking off proceedings tomorrow night
- Across most sectors earnings are expected to slow compared to the first quarter. Info Tech and Industrials are expected to produce the weakest results while Materials and Energy stocks are expected to outperform
- Dow stocks that led the market moves on Friday were BAC, GE, JPM andBA which fell 2.01%, 1.61%, 1.40% and 1.21% respectively
- Dow –62.29 pts, NASDAQ -12.85 pts and S&P500 –9.42 pts· EUR has weakened against the USD falling below 1.4200 this morning. GBPwas stronger on Friday night breaking back above 1.6000. AUD has come off the recent highs but continues to remain above the 1.0700 handle
- Gold continues its recent resurgence now pushing above 1540.00 to make a high of USD1545.39 per ounce as risk appetite wanes on poor jobs data
- Crude fell 2.5%, its biggest fall in two weeks due to the poor US jobs data
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