(As of 7:30 am PST)
The jobs report was awful this
morning sending stocks into a tail spin.
Most markets are down over 1% as the economy added only 88,000 jobs,
well below expectations. Interestingly,
the unemployment rate actually went down with more people abandoning their job
search and thus reducing the overall work force. It is a risk off scenario with investors
fleeing to the safe haven of the US dollar.
Interest rates fell significantly this morning. The only positive on the international scene
was Japan, where new aggressive stimulus programs are injecting life into
Japan's stock market. Oil continues its
string of down days, mirroring the glum economic news. The only bright spot is gold which has broken
out of its slump, up nearly 1%. On the
bright side, the weak jobs report is likely to quash recent talk about a
reduction in QE3, providing a buffer to the rate of market descent.
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