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Markets rise ahead of US jobs report - live updates US Non-Farm Payroll jobs report released - live updates
(35 minutes later)
12.48pm BST12:48
Krueger: US labor market is polarised
Alan Krueger, Professor of Economics at Princeton University, is concerned that the benefits of the US jobs recovery aren’t being shared fairly.
Krueger, who used to chair Barack Obama’s Council of Economic Advisers, told Bloomberg TV’s Tom Keene that:
We’re continuing to see polarisation of the work force. Job growth at the bottom and the top, but not so much in the middle.
What we need in the near term is a stronger economy overall to help lift wagers. In the longer term we need more of a rebalance in favour of workers.
You can see the interview here.
Updated at 12.49pm BST
12.37pm BST12:3712.37pm BST12:37
A month ago, there was genuine excitement ahead of the Non-Farm Payroll because there was a good chance that the Federal Reserve would raise interest rates at September’s meeting (they didn’t).A month ago, there was genuine excitement ahead of the Non-Farm Payroll because there was a good chance that the Federal Reserve would raise interest rates at September’s meeting (they didn’t).
Today’s report does not have the same drama, as the Fed isn’t likely to hike before December. But still, it will show how America’s labour market is faring this autumn.Today’s report does not have the same drama, as the Fed isn’t likely to hike before December. But still, it will show how America’s labour market is faring this autumn.
12.26pm BST12:2612.26pm BST12:26
Bloomberg’s Joe Weisenthal reckons a decisively strong US unemployment report would be welcomed by investors, even if it means interest rates are likely to rise in December.Bloomberg’s Joe Weisenthal reckons a decisively strong US unemployment report would be welcomed by investors, even if it means interest rates are likely to rise in December.
What would be the best NFP result for stocks? I think strong across the board would be the most bullish. A number that screams December.What would be the best NFP result for stocks? I think strong across the board would be the most bullish. A number that screams December.
Basically, a number that eliminates economic and Fed confusion in one fell swoop.Basically, a number that eliminates economic and Fed confusion in one fell swoop.
Updated at 12.28pm BSTUpdated at 12.28pm BST
12.25pm BST12:2512.25pm BST12:25
One hour until Non-Farm Payroll, and markets are upOne hour until Non-Farm Payroll, and markets are up
Investors are ending the week in positive mood as they anticipate the final data release of the week, the US jobs report.Investors are ending the week in positive mood as they anticipate the final data release of the week, the US jobs report.
In London the FTSE 100 is up 100 points, or 1.7%, at 6172 points. Banking shares are still rallying, after the Financial Conduct Authority proposed a deadline for PPI compensation claims.In London the FTSE 100 is up 100 points, or 1.7%, at 6172 points. Banking shares are still rallying, after the Financial Conduct Authority proposed a deadline for PPI compensation claims.
That was fast. No sooner does the City watchdog suggest the end of PPI payouts than I get two calls in one morning. Ugh.That was fast. No sooner does the City watchdog suggest the end of PPI payouts than I get two calls in one morning. Ugh.
Over in Paris, the France’s CAC has gained almost 2%.Over in Paris, the France’s CAC has gained almost 2%.
And the Dow Jones is is expected to gain around 0.5%, or 80 points, when Wall Street opens.And the Dow Jones is is expected to gain around 0.5%, or 80 points, when Wall Street opens.
The Non-Farm Payroll could potentially drive shares even higher, if it calms fears about the world economy.The Non-Farm Payroll could potentially drive shares even higher, if it calms fears about the world economy.
Jasper Lawler of CMC Markets explains:Jasper Lawler of CMC Markets explains:
At the moment it seems that fears over global growth are outweighing concerns about a US rate-hike.At the moment it seems that fears over global growth are outweighing concerns about a US rate-hike.
A jobs number that beats expectations and gives the Fed ammunition to signal its confidence in the US and even global economy by hiking interest rates this year, may well trigger a rally in equities.A jobs number that beats expectations and gives the Fed ammunition to signal its confidence in the US and even global economy by hiking interest rates this year, may well trigger a rally in equities.
Ilya Spivak, currency strategist at DailyFX, predicts the dollar could spike if America’s labour market is stronger than expected:Ilya Spivak, currency strategist at DailyFX, predicts the dollar could spike if America’s labour market is stronger than expected:
“The implications of an upbeat outcome for the US Dollar seem relatively straight-forward. If traders walk away from the jobs report thinking a Fed rate hike seems more likely than previously, the currency will probably strengthen.“The implications of an upbeat outcome for the US Dollar seem relatively straight-forward. If traders walk away from the jobs report thinking a Fed rate hike seems more likely than previously, the currency will probably strengthen.
Such a result may likewise help calm global slowdown fears and boost risk appetite, which ought to translate into outsized losses for funding currencies like the Euro and the Japanese Yen.Such a result may likewise help calm global slowdown fears and boost risk appetite, which ought to translate into outsized losses for funding currencies like the Euro and the Japanese Yen.
A weaker euro would not upset the European Central Bank, as it is good for exports and inflationary pressure.A weaker euro would not upset the European Central Bank, as it is good for exports and inflationary pressure.
12.14pm BST12:1412.14pm BST12:14
Paypal sounds alarm over Dublin housingPaypal sounds alarm over Dublin housing
Henry McDonaldHenry McDonald
Paypal is warning that foreign direct investment into Ireland is in danger if rents continue to soar in Dublin.Paypal is warning that foreign direct investment into Ireland is in danger if rents continue to soar in Dublin.
Our correspondent Henry McDonald reports:Our correspondent Henry McDonald reports:
Louise Phelan, Paypal’s boss of Irish operation, says she is paying €2,000 in hotel bills to every new employee coming to work in the Republic’s capital.Louise Phelan, Paypal’s boss of Irish operation, says she is paying €2,000 in hotel bills to every new employee coming to work in the Republic’s capital.
Speaking to the Irish Construction Industry Federation in Dublin today, Phelan says she is resorting to appealing to Paypal staff already in Ireland to offer rooms to new workers arriving there.Speaking to the Irish Construction Industry Federation in Dublin today, Phelan says she is resorting to appealing to Paypal staff already in Ireland to offer rooms to new workers arriving there.
She warned:She warned:
“It’s crisis time for us and for bringing in foreign direct investment overall,”“It’s crisis time for us and for bringing in foreign direct investment overall,”
The likes of Paypal and other mainly US multi-nationals has created tens of thousands of jobs over the last 40 years.But economists have warned that the recent spike in rents especially in Dublin could put off future global corporations setting up their European HQs in Ireland.The likes of Paypal and other mainly US multi-nationals has created tens of thousands of jobs over the last 40 years.But economists have warned that the recent spike in rents especially in Dublin could put off future global corporations setting up their European HQs in Ireland.
A recent survey found that in 80% of the Republic it is now cheaper to pay a mortgage than rent to a landlord.A recent survey found that in 80% of the Republic it is now cheaper to pay a mortgage than rent to a landlord.
Updated at 12.14pm BSTUpdated at 12.14pm BST
11.53am BST11:5311.53am BST11:53
Here’s Katie Allen on today’s blowout UK building data:Here’s Katie Allen on today’s blowout UK building data:
Related: Housebuilding drives UK construction sector growth in SeptemberRelated: Housebuilding drives UK construction sector growth in September
Updated at 12.02pm BSTUpdated at 12.02pm BST
11.52am BST11:5211.52am BST11:52
Helena Smith
Meanwhile in Greece, anti-terror police say they have unearthed detailed plans of kidnappings of prominent figures in what many fear may well be the next stage of the country’s economic crisis.Meanwhile in Greece, anti-terror police say they have unearthed detailed plans of kidnappings of prominent figures in what many fear may well be the next stage of the country’s economic crisis.
Helena Smith, our correspondent, reports from Athens.Helena Smith, our correspondent, reports from Athens.
As Greece slips ever deeper into recession – the side effect of implementing fiscal consolidation reforms that have come as the price of being bailed out for a third time – fears of heightened criminality are also mounting. After a soar in break-ins (with the sale of safe deposit boxes skyrocketing during fraught negotiations with creditors over the latest loan deal), counter-terrorism officials now say they have discovered the makings of a plot that would have involved abductions at the highest echelons of society.As Greece slips ever deeper into recession – the side effect of implementing fiscal consolidation reforms that have come as the price of being bailed out for a third time – fears of heightened criminality are also mounting. After a soar in break-ins (with the sale of safe deposit boxes skyrocketing during fraught negotiations with creditors over the latest loan deal), counter-terrorism officials now say they have discovered the makings of a plot that would have involved abductions at the highest echelons of society.
A notebook listing suspected targets for kidnapping – and naming at least 25 leading businessmen, ship-owners and their families – was discovered alongside a heavy weapons cache in a building in Marathon, eastern Attica earlier this week. Authorities are believed to have been led to the building, described as a storeroom, after a tip off.A notebook listing suspected targets for kidnapping – and naming at least 25 leading businessmen, ship-owners and their families – was discovered alongside a heavy weapons cache in a building in Marathon, eastern Attica earlier this week. Authorities are believed to have been led to the building, described as a storeroom, after a tip off.
Although police have not released the names of the individuals, they say they have been left in no doubt that plans were afoot to kidnap them in the coming months. The notebook, which is currently being examined, also contained in-depth details of abduction plans.Although police have not released the names of the individuals, they say they have been left in no doubt that plans were afoot to kidnap them in the coming months. The notebook, which is currently being examined, also contained in-depth details of abduction plans.
Almost six years into its worst economic crisis in modern times, Greece has become increasingly divided between rich and poor with fears of kidnappings being openly aired among the more affluent members of society.Almost six years into its worst economic crisis in modern times, Greece has become increasingly divided between rich and poor with fears of kidnappings being openly aired among the more affluent members of society.
Notebook found at terror cache had list of abduction targets http://t.co/e94nXLsLSv pic.twitter.com/4LZwQg8NrFNotebook found at terror cache had list of abduction targets http://t.co/e94nXLsLSv pic.twitter.com/4LZwQg8NrF
Updated at 1.02pm BST
11.27am BST11:2711.27am BST11:27
Over in Portugal, they’re gearing up for a general election. And, despite the country’s deep austerity programme, the current government could well squeak back into power.Over in Portugal, they’re gearing up for a general election. And, despite the country’s deep austerity programme, the current government could well squeak back into power.
Our own Angelique Chrisafis reports:Our own Angelique Chrisafis reports:
Portugal could make history by becoming the first eurozone bailout country to re-elect a government that imposed harsh and unpopular austerity measures when it votes this weekend.Portugal could make history by becoming the first eurozone bailout country to re-elect a government that imposed harsh and unpopular austerity measures when it votes this weekend.
Final polls suggest the centre-right ruling coalition is on course to win Sunday’s general election after a close-run campaign, although it appears likely to lose its absolute parliamentary majority.Final polls suggest the centre-right ruling coalition is on course to win Sunday’s general election after a close-run campaign, although it appears likely to lose its absolute parliamentary majority.
The incumbent prime minister, Pedro Passos Coelho, who implemented severe austerity measures, including cutting pay and pensions, slashing public services and introducing the largest tax hikes in living memory, argued on the campaign trail that he was the only one to be trusted to protect the fragile economy as it emerges from years of recession.The incumbent prime minister, Pedro Passos Coelho, who implemented severe austerity measures, including cutting pay and pensions, slashing public services and introducing the largest tax hikes in living memory, argued on the campaign trail that he was the only one to be trusted to protect the fragile economy as it emerges from years of recession.
“If we stay on the path we’ve been following, we won’t need any more bailouts,” he said, as his Social Democratic party ran on a joint ticket with its coalition partner, the smaller, conservative Popular party.“If we stay on the path we’ve been following, we won’t need any more bailouts,” he said, as his Social Democratic party ran on a joint ticket with its coalition partner, the smaller, conservative Popular party.
Here’s her full story:Here’s her full story:
Related: Portugal predicted to vote pro-austerity coalition back inRelated: Portugal predicted to vote pro-austerity coalition back in
11.05am BST11:0511.05am BST11:05
Shinichiro Kadota, FX strategist at Barclays in Tokyo, believes today’s Non-Farm Payroll report would need to be remarkably good, or bad, to shake the Federal Reserve.Shinichiro Kadota, FX strategist at Barclays in Tokyo, believes today’s Non-Farm Payroll report would need to be remarkably good, or bad, to shake the Federal Reserve.
Kadota said (via Reuters)Kadota said (via Reuters)
“Fed chair Janet Yellen has already mentioned that labour conditions are improving and hinted that developments overseas, notably in China, and prices were chief concerns.“Fed chair Janet Yellen has already mentioned that labour conditions are improving and hinted that developments overseas, notably in China, and prices were chief concerns.
“A very bullish report would of course have a big impact. But the Fed may not make its rates decision on employment data alone.”“A very bullish report would of course have a big impact. But the Fed may not make its rates decision on employment data alone.”
As covered in the introduction, economists expect around 200,000 new jobs were created in September; August’s 173,000 reading could also be revised higher.As covered in the introduction, economists expect around 200,000 new jobs were created in September; August’s 173,000 reading could also be revised higher.
US NFP's for SEP out at 10;30PM AEST with market expectations at +201k after +173K in AUG. #NFPguesses +206k. pic.twitter.com/yuFsGZhHWTUS NFP's for SEP out at 10;30PM AEST with market expectations at +201k after +173K in AUG. #NFPguesses +206k. pic.twitter.com/yuFsGZhHWT
Updated at 11.07am BSTUpdated at 11.07am BST
10.29am BST10:2910.29am BST10:29
Concerns that Europe is heading back into deflation have been heightened by new data, showing that prices charged by eurozone producers fell in August:Concerns that Europe is heading back into deflation have been heightened by new data, showing that prices charged by eurozone producers fell in August:
Euro area producer prices -0.8% in Aug 15 over July 15, -2.6% over Aug 14 #Eurostat http://t.co/TfZfnbh44B pic.twitter.com/NFr6EmcqXFEuro area producer prices -0.8% in Aug 15 over July 15, -2.6% over Aug 14 #Eurostat http://t.co/TfZfnbh44B pic.twitter.com/NFr6EmcqXF
10.16am BST10:1610.16am BST10:16
Here’s our take on the latest developments in the emissions scandal, including reports that BMW, Chrysler, General Motors, Land Rover and Mercedes-Benz are all being investigated by US officials:Here’s our take on the latest developments in the emissions scandal, including reports that BMW, Chrysler, General Motors, Land Rover and Mercedes-Benz are all being investigated by US officials:
Related: VW scandal: French authorities launch deception inquiryRelated: VW scandal: French authorities launch deception inquiry
Updated at 10.21am BSTUpdated at 10.21am BST
10.08am BST10:0810.08am BST10:08
VW investigated over "aggravated deception" in FranceVW investigated over "aggravated deception" in France
Another front has opened up in the Volkswagen diesel emissions scandal, with French prosecutors probing the carmaker for potential “aggravated deception”.Another front has opened up in the Volkswagen diesel emissions scandal, with French prosecutors probing the carmaker for potential “aggravated deception”.
Reuters has the story:Reuters has the story:
The Paris Prosecutor has opened an inquiry into suspected “aggravated deception” by Volkswagen, an official from the Prosecutor’s office told Reuters on Friday.The Paris Prosecutor has opened an inquiry into suspected “aggravated deception” by Volkswagen, an official from the Prosecutor’s office told Reuters on Friday.
The move adds to the legal burden the German carmaker faces after U.S. investigators found that it had rigged vehicle pollution emissions tests.The move adds to the legal burden the German carmaker faces after U.S. investigators found that it had rigged vehicle pollution emissions tests.
Paris prosecutor's office opens inquiry into VW for suspected aggravated deception, Reuters and L'Express report http://t.co/rW7qoakDQ5Paris prosecutor's office opens inquiry into VW for suspected aggravated deception, Reuters and L'Express report http://t.co/rW7qoakDQ5
9.44am BST09:449.44am BST09:44
UK construction growth hits 7-month highUK construction growth hits 7-month high
Britain’s construction sector grew at its fastest pace in seven months in September, driven by housebuilding.Britain’s construction sector grew at its fastest pace in seven months in September, driven by housebuilding.
Markit’s construction PMI, which measures activity across the sector, jumped to 59.9 from 57.3 in August (any reading over 50 shows growth).Markit’s construction PMI, which measures activity across the sector, jumped to 59.9 from 57.3 in August (any reading over 50 shows growth).
Builders reported greater workloads, and are more upbeat about the business outlook too.Builders reported greater workloads, and are more upbeat about the business outlook too.
Markit says:Markit says:
House building remained the best performing broad category of construction activity in September.House building remained the best performing broad category of construction activity in September.
The latest expansion of residential building was the strongest for 12 months which some survey respondents attributed to the launch of development projects that had been delayed earlier in 2015.The latest expansion of residential building was the strongest for 12 months which some survey respondents attributed to the launch of development projects that had been delayed earlier in 2015.
9.37am BST09:379.37am BST09:37
Apple’s latest smartphone has helped drive sales up 6.9% at John Lewis, a handy barometer of UK consumer confidence.Apple’s latest smartphone has helped drive sales up 6.9% at John Lewis, a handy barometer of UK consumer confidence.
New iPhones help John Lewis ring up sales rise, strong week at dept store bodes well for September UK retail sales http://t.co/F6prx1HEAVNew iPhones help John Lewis ring up sales rise, strong week at dept store bodes well for September UK retail sales http://t.co/F6prx1HEAV
9.36am BST09:369.36am BST09:36
A third Glencore director has given the mining and commodities company a vote of confidence, by buying more shares.A third Glencore director has given the mining and commodities company a vote of confidence, by buying more shares.
William Macaulay spent more than £1.5m buying 1.7 million shares in Glencore at 90p yesterday, as the shares rebounded from their record plunge on Monday.William Macaulay spent more than £1.5m buying 1.7 million shares in Glencore at 90p yesterday, as the shares rebounded from their record plunge on Monday.
He follows chairman Tony Hayward, who bought 100,000 shares, and fellow director John Mack who snaffled 550,000 at just 80p.He follows chairman Tony Hayward, who bought 100,000 shares, and fellow director John Mack who snaffled 550,000 at just 80p.
9.23am BST09:239.23am BST09:23
Spanish jobless total creeps up as tourists departSpanish jobless total creeps up as tourists depart
With the tourist season over, the Spanish unemployment total is rising again.With the tourist season over, the Spanish unemployment total is rising again.
The number of people out of work across Spain rose by 26,087 in September, the Labour Ministry reported, a rise of 0.64%.The number of people out of work across Spain rose by 26,087 in September, the Labour Ministry reported, a rise of 0.64%.
That pushes Spain’s jobless total to 4,094,042 million unemployed people. That’s 353,608 fewer than in September 2014, and the lowest since the eurozone debt crisis began:That pushes Spain’s jobless total to 4,094,042 million unemployed people. That’s 353,608 fewer than in September 2014, and the lowest since the eurozone debt crisis began:
And on a seasonally adjusted basis, Spanish unemployment in September fell by 9,746 people.And on a seasonally adjusted basis, Spanish unemployment in September fell by 9,746 people.
2015 has been a bumper year for Spanish tourism, with visitor numbers up 4.2% to a new record high of 29.2m.2015 has been a bumper year for Spanish tourism, with visitor numbers up 4.2% to a new record high of 29.2m.
Updated at 9.24am BSTUpdated at 9.24am BST
9.18am BST09:189.18am BST09:18
Reminder of a typical NFP day - boring, boring, boring, boring, eye twitches, GREAT TERROR, REVERSAL, boring, boring, pub, pub, pub, pubReminder of a typical NFP day - boring, boring, boring, boring, eye twitches, GREAT TERROR, REVERSAL, boring, boring, pub, pub, pub, pub
8.47am BST08:478.47am BST08:47
Here’s confirmation that some traders are losing their enthusiasm for the Non-Farm Payroll circus:Here’s confirmation that some traders are losing their enthusiasm for the Non-Farm Payroll circus:
Fantastic jobs number, upward revisions to August won't matter cos the Fed is never hiking #NFPGuessesFantastic jobs number, upward revisions to August won't matter cos the Fed is never hiking #NFPGuesses
8.43am BST08:438.43am BST08:43
Shares in Experian have fallen by 4.5% this morning after the consumer credit monitoring firm announced it had been hacked.Shares in Experian have fallen by 4.5% this morning after the consumer credit monitoring firm announced it had been hacked.
The data breach risks exposing personal data of 15 million T-Mobile consumers, including names, addresses, and social security, driver’s license and passport numbers.The data breach risks exposing personal data of 15 million T-Mobile consumers, including names, addresses, and social security, driver’s license and passport numbers.
More here:More here:
Related: Experian hack exposes 15 million people's personal informationRelated: Experian hack exposes 15 million people's personal information
Updated at 9.31am BSTUpdated at 9.31am BST
8.39am BST08:398.39am BST08:39
The end may finally be in sight for Britain’s long-running payments protection insurance saga.The end may finally be in sight for Britain’s long-running payments protection insurance saga.
The City regulator has announced plans to force consumers to file compensation claims by the spring of 2018, if they believe they were wrongly sold insurance on financial product.The City regulator has announced plans to force consumers to file compensation claims by the spring of 2018, if they believe they were wrongly sold insurance on financial product.
My colleague Jill Treanor explains:My colleague Jill Treanor explains:
The regulator had faced pressure from the industry to set a deadline for customers making claims for the insurance sold alongside loans as the bill has already reached more than £25bn in compensation and administration costs.The regulator had faced pressure from the industry to set a deadline for customers making claims for the insurance sold alongside loans as the bill has already reached more than £25bn in compensation and administration costs.
Over £20bn redress has been paid to over 10 million consumers so far, the FCA said.Over £20bn redress has been paid to over 10 million consumers so far, the FCA said.
Related: PPI claims could face 2018 deadline under FCA plansRelated: PPI claims could face 2018 deadline under FCA plans
Bank shares have jumped by around 2.5% this morning, on relief that compensation payments might finally be capped.Bank shares have jumped by around 2.5% this morning, on relief that compensation payments might finally be capped.
Hopefully it will mean an end to irritating PPI phone calls too – just in time for Volkswagen compensation claims instead....Hopefully it will mean an end to irritating PPI phone calls too – just in time for Volkswagen compensation claims instead....
Updated at 8.39am BSTUpdated at 8.39am BST
8.31am BST08:318.31am BST08:31
European markets rally at the openEuropean markets rally at the open
European stock markets have jumped over 1% in early trading, ahead of the US jobs report this afternoon:European stock markets have jumped over 1% in early trading, ahead of the US jobs report this afternoon:
After recent losses, traders will be hoping for a solid but unspectacular NFP reading. However, a strong or weak number could cause some alarm:After recent losses, traders will be hoping for a solid but unspectacular NFP reading. However, a strong or weak number could cause some alarm:
Tony Cross of Trustnet Direct explains:Tony Cross of Trustnet Direct explains:
This number risks either scaring investors off with fears that the US economy is plateauing, or will reaffirm the view that the Federal Reserve needs to hike rates soon to prevent overheating – if there is a Goldilocks zone here, it’s likely to be rather narrow.This number risks either scaring investors off with fears that the US economy is plateauing, or will reaffirm the view that the Federal Reserve needs to hike rates soon to prevent overheating – if there is a Goldilocks zone here, it’s likely to be rather narrow.
8.16am BST08:168.16am BST08:16
Introduction: US jobs report on the wayIntroduction: US jobs report on the way
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
There’s a running joke in financial circles that every US jobs report is the most important ever. That might be a slight exaggeration this month, but today’s Non-Farm Payroll report still has the power to shift the marketsThere’s a running joke in financial circles that every US jobs report is the most important ever. That might be a slight exaggeration this month, but today’s Non-Farm Payroll report still has the power to shift the markets
The September Non-Farm Payroll, due at 1.30pm BST, will show how many new jobs were created in America last month. It’ll also show whether workers benefitted from the recovery with higher wages.The September Non-Farm Payroll, due at 1.30pm BST, will show how many new jobs were created in America last month. It’ll also show whether workers benefitted from the recovery with higher wages.
Economists predict that just over 200,000 new jobs were created last month, up from a disappointing 173,000 last month.Economists predict that just over 200,000 new jobs were created last month, up from a disappointing 173,000 last month.
The market expects the US to have created 201,000 non-farm jobs in September, up from a poor 173,000 in August. #NFPGuessesThe market expects the US to have created 201,000 non-farm jobs in September, up from a poor 173,000 in August. #NFPGuesses
That would put more pressure on the Federal Reserve to take the plunge and raise borrowing costs before the end of 2015....That would put more pressure on the Federal Reserve to take the plunge and raise borrowing costs before the end of 2015....
.... except it’s not quite that simple any more. The Fed is also worried about the state of the global economy, and the impact of China’s slowdown on the financial system..... except it’s not quite that simple any more. The Fed is also worried about the state of the global economy, and the impact of China’s slowdown on the financial system.
Chris Weston of IG says traders are getting “a bit exhausted” about the steady stream of allegedly “game-changing” data releases, especially when none of them actually prompt a change of policy.Chris Weston of IG says traders are getting “a bit exhausted” about the steady stream of allegedly “game-changing” data releases, especially when none of them actually prompt a change of policy.
He also reckons the earning data should be interesting:He also reckons the earning data should be interesting:
The single most influential issue that should jump out immediately is that forecasters are expecting wages to grow 2.4% (range 2% to 2.5%). This would effectively be the strongest pace of wage growth since late 2009 and should increase the implied probability of a December hike closer, if not above 50%.The single most influential issue that should jump out immediately is that forecasters are expecting wages to grow 2.4% (range 2% to 2.5%). This would effectively be the strongest pace of wage growth since late 2009 and should increase the implied probability of a December hike closer, if not above 50%.
There’s not much else on the calendar today, alas, apart from UK construction data at 9.30am BST, and new Spanish unemployment data....There’s not much else on the calendar today, alas, apart from UK construction data at 9.30am BST, and new Spanish unemployment data....
And in the eurozone, junior ministers should be working on the list of bailout measures Greece must take in return for its next loan payment, ahead of a full eurogroup meeting on Monday.And in the eurozone, junior ministers should be working on the list of bailout measures Greece must take in return for its next loan payment, ahead of a full eurogroup meeting on Monday.
#Eurogroup Working Group meeting today in Brussels to specify timetable of prior actions and tranches for #Greece.#Eurogroup Working Group meeting today in Brussels to specify timetable of prior actions and tranches for #Greece.
Updated at 8.33am BSTUpdated at 8.33am BST