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 181k and the previous report’s negatively-revised 137,000 reading.
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 dollar nursed losses on Monday, falling around 0.5% against the euro and slipping against a basket of currencies, after a weak U.S. jobs report drove traders to push back expectations of a Federal Reserve rate hike to early 2016.
The U.S. economy added 142,000 jobs in September, when more than 200,000 were forecasted. The August numbers were revised as expected but investors got a shock as the number was lower as the upward revisions did not materialize.