Data and event pulse: nonfarm payrolls beats expectations - ANZ
|Analysts at ANZ Bank New Zealand Limited explained the key events and data from Friday's close.
Key Quotes:
US LABOUR MARKET CONTINUES TO TIGHTEN:
"Non-farm payrolls came in at 250k versus 200k expected. Manufacturing added 32k and services 179k. The participation rate rose two tenths to 62.9%, while the unemployment rate was steady at 3.7%. However, the main headline was a lift in wage growth to 3.1% y/y (0.2% m/m), the highest since 2009. Admittedly there was a base effect at play, with October 2017’s wage growth -0.2% m/m.
REPORTS ECB MULLING MORE STIMULUS:
MNI quoted ECB sources: “The European Central Bank is looking at launching another wave of cheap funding for banks to boost a eurozone economy which is beginning to sag.”
BREXIT RUMOURS:
There were media reports over the weekend that UK PM May has struck a tentative Brexit agreement involving the entire UK remaining in a customs union. While her spokesman called it “speculation”, it was sufficient to give GBP a lift on the open."
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