Nonfarm payrolls in the United States surged past expectations of 200,000, printing at 292,000 jobs added with both the November and October figures also revised higher. European unemployment managed to show great strides, falling to the lowest levels since 2011, currently standing at 10.50%. However, much must be done for the figure to improve further, with the onus resting on national governments to implement fiscal stimulus measures. The major news was the large amount of volatility emanating from China after local equity markets were halted twice within the week following major plunges in shares. The continued Yuan devaluation is creating the conditions for falling confidence amongst investors. Gold prices were sensitive to the growing concern, briefly climbing back $1100 per troy ounce. The bearish bias in oil prices remained despite growing hostilities between Saudi Arabia and Iran as the supply-demand imbalance stays intact. Prices of the WTI and Brent benchmarks hit new multi-year lows before managed a minor upside pullback following the capitulation lower.
Unemployment Shows Global Improvement
Weekly Report - 10/01/2016