The robust U.S. jobs report on Friday managed to offset concerns of a trade war, at least for now. The 313,000 additional jobs took economists and markets by surprise as the figure exceeded even the highest expectations of 300,000 noted in a Reuters survey.
Stocks rallied on Friday, as investors reacted to better-than-expected monthly Nonfarm Payrolls number release. The broad stock market retraced its late February move down, while technology stocks reached new record highs.
Well, if you thought that OPEC production cuts were difficult to put in place, it may be even harder to work out of them. The extremely successful OPEC cuts, along with their co-conspirator Russia, will at some point be scaled back but raising oil production may not be as easy as it seems.
After last month’s surprising, broad-based rise in a variety of wage measures, traders were on the edge of their seats awaiting this morning’s U.S. jobs report. After all, we’ve seen countless “false dawns” heralding the end of the persistent slack in the labor market over the last nine years, but none have proven to be more than a one- or two-month anomaly.
President Trump agreeing to meet the North Korean leader Kim Jong-Un pleasantly surprised the markets on Thursday. Just a couple of months ago, the two leaders were in in a rather childish spat over whose nuclear button was bigger and hurled insults at each other, at every opportunity. Now, they are about to make history, not only with a possible reconciliation but also because this would be the first-ever meeting between a U.S. president and a North Korean leader. Investors are hopeful that there will finally be a diplomatic breakthrough.