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| Watch Out for U.S. Payrolls Tonight | |||||||||||||||||||||||||
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The monthly change in U.S. non-farm payrolls report (NFP) is a closely watched indicator in determining the progress of the job recovery. According to a Bloomberg survey, analysts are expecting a gain of around 68,000 in August employment, compared to a 117,000 gain in July. U.S. markets reacted negatively last night as analysts downgraded forecasts for tonight’s number. However, of late, the markets have at times been reacting in the opposite direction to economic surprises. A negative surprise on macro data could potentially spark a rally in equities as investors speculate that the Fed may “work harder” in boosting the economy. ADP employment and jobless claims So far, the job figures were generally in line with expectations. On Wednesday, Automatic Data Processing (ADP) employment report showed that private sector added 91,000 jobs in August. Yesterday, reports showed that weekly initial jobless claims had a slight decrease from the previous week, but remain above the 400,000 mark. Obama and his BIG plan U.S. President, Mr. Obama, promised to unveil his job creation proposal next Thursday, 8th September. While many debated on the effectiveness of his previous plans, next week's proposal will be highly scrutinised as Obama seeks for re-election in 2012. HSI on winning streak The Hang Seng Index rose for the 4th day yesterday, gaining 5.1% over the period. Yesterday's gain was partly helped by a report showing that China's official Purchasing Managers Index (PMI) rebounded slightly to 50.9 in August.
** For a full list of Macquarie warrants over HSI, you may wish to do a search at http://www.warrants.com.sg/en/warrants/search_e.cgi |
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