Nowadays many of us don’t what to make of the numbers or what to believe anymore. There certainly is a school of thought the market didn’t rally because they now believe the Fed will raise rates in December.
The dollar took a breather after surging to a seven-month high, while emerging, commodity and bond markets were jittery after strong U.S. jobs data boosted bets for a December rate hike by the U.S. Federal Reserve.
Let’s skip the formalities: Today’s NFP report was essentially perfect. The marquee U.S. (and global) jobs report showed that the world’s largest economy created a stunning 271,000 jobs, crushing economist’s best estimate of 181,000 and the previous report’s negatively-revised 137,000 reading.
While crude oil prices in the short term are fixed on the Fed and current oversupply, in the big picture it may be time to party like its 1999. In 1999 oil prices had just come off a year (1998) where oil prices had dipped as low as $10.35 per barrel and there was doom and gloom across the energy space. Yet in hindsight oil in 1999 was at a historic turning point and a major bottom that changed the energy landscape for over a decade.
Euro zone private business growth remained tepid last month but activity in China's services industry expanded at its fastest pace in three months, easing concerns about persistent weakness in its economy.
A 15-year high for tech stocks on the Nasdaq helped world shares to a 2-1/2 month peak on Tuesday, though more engine trouble for Volkswagen and a $5.1 billion cash call by Standard Chartered left Europe feeling flat.
The crates of Chateau Brehat wine from Bordeaux had gathered dust for three years in a bonded warehouse on the outskirts of Shanghai before the owners cut their losses in July, slashing three-quarters off the $50 price (£32.3) tag.