Spreadex Market Update
US markets up on back of jobs data, EU in free trade talks
American stocks rose in price yet again this afternoon as investors were encouraged by the very strong non-farms pay roll figure. The month of February brought an addition of 235,000 new jobs to the public and private sectors. This was significantly higher than economists’ average prediction of 190,000 and is perhaps now enough to secure the Fed’s decision to raise interest rate next week; indeed, the odds of such a hike have risen to a 92% likelihood.
The non-farms payroll figure was the only one to impress as unemployment moved lower to 4.7% and there was a 0.2% growth in average earnings. It is expected that the low levels of the former figure could cause an accelerated rise to the latter in the months to come. The labour market is now near full employment which means companies are somewhat forced to increase compensations with the aim to retain employees as well as attract skilled, sought-after workers.
"The non-farms payroll figure was the only one to impress as unemployment moved lower to 4.7% and there was a 0.2% growth in average earnings."
Meanwhile, the EU is stepping up its efforts to sign free trade agreements as it looks to capitalise off the uncertainty of nations on the US’ trade policy. Most recently they have been in advanced talks with Japan, Vietnam, Singapore, Australia, New Zealand and Chile. Interestingly, all of these nations were part of the Trans Pacific Partnership which was infamously destroyed by Donald Trump within the first week of his tenure in the White House.
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