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| FTSE 100 hits new 2016 high after US jobs report - as it happened | |
| (35 minutes later) | |
| 5.51pm GMT | |
| 17:51 | |
| Obama: We must build on jobs success | |
| In a late development, President Obama has just spoken to reporters after a meeting with his economic team. | |
| Obama declared that the US is “pretty darn great” right now -- a rebuttal at Donald Trump and his “Make America Great” campaign. Our economy is the envy of the world, he claimed. | |
| And the president was adamant that his policies had worked, delivering 72 months of jobs growth. | |
| The priority is to continue that recovery, giving people better jobs and higher salaries, and making the economy “grow even faster”. | |
| JUST IN: Obama says America "pretty darn great" right now, not in line w/ political rhetoric, US econ. is envy of world despite headwinds | |
| I’ll be back later with the Wall Street close.... | |
| 4.54pm GMT | 4.54pm GMT |
| 16:54 | 16:54 |
| Footsie hits new 2016 high after US jobs data | Footsie hits new 2016 high after US jobs data |
| A new burst of market optimism has driven shares in London to their highest closing level since the start of 2016. | A new burst of market optimism has driven shares in London to their highest closing level since the start of 2016. |
| Mining stocks drove the market higher, helped by the sight of copper and iron ore prices touching their highest levels since last autumn. | Mining stocks drove the market higher, helped by the sight of copper and iron ore prices touching their highest levels since last autumn. |
| Today’s US jobs report hasn’t scared the horses either, even though the poor wage growth took the shine off a decent rise in employment. | Today’s US jobs report hasn’t scared the horses either, even though the poor wage growth took the shine off a decent rise in employment. |
| The FTSE 100 has closed for the night, and the week, up 69 points or 1.1% at 6,199. That’s its highest close since New Year’s Eve. | The FTSE 100 has closed for the night, and the week, up 69 points or 1.1% at 6,199. That’s its highest close since New Year’s Eve. |
| The Footsie has now surged by 12% since mid-February, when shares hit their lowest level since 2012 amid fears of a new banking crisis and a global recession. | The Footsie has now surged by 12% since mid-February, when shares hit their lowest level since 2012 amid fears of a new banking crisis and a global recession. |
| Jasper Lawler of CMC Markets sums up the situation: | Jasper Lawler of CMC Markets sums up the situation: |
| Shares in Europe added to early gains after the US employment report eased concerns of a slowdown in the US economy without increasing chances of a faster pace of rate increases by the Federal Reserve. | Shares in Europe added to early gains after the US employment report eased concerns of a slowdown in the US economy without increasing chances of a faster pace of rate increases by the Federal Reserve. |
| Major averages in both the US and Europe are on track for a third successive week of gains. The strength in equities is largely thanks to oil prices being back close to where they started the year but today’s gains were reinforced by the biggest rise in the fix for the Chinese yuan in three weeks. | Major averages in both the US and Europe are on track for a third successive week of gains. The strength in equities is largely thanks to oil prices being back close to where they started the year but today’s gains were reinforced by the biggest rise in the fix for the Chinese yuan in three weeks. |
| The stabilisation of the Chinese currency as well as efforts this week by authorities in China to bring down excess capacity in its commodities industries helped miners lead gains on the FTSE 100. Anglo American led the UK index with near double-digit daily gains in hot pursuit from sector-peers BHP Billiton, Glencore and Antofagasta as industrial and precious metals benefitted from a slide in the US dollar. | The stabilisation of the Chinese currency as well as efforts this week by authorities in China to bring down excess capacity in its commodities industries helped miners lead gains on the FTSE 100. Anglo American led the UK index with near double-digit daily gains in hot pursuit from sector-peers BHP Billiton, Glencore and Antofagasta as industrial and precious metals benefitted from a slide in the US dollar. |
| Updated | Updated |
| at 4.54pm GMT | at 4.54pm GMT |
| 4.15pm GMT | 4.15pm GMT |
| 16:15 | 16:15 |
| The stock markets are pushing higher, as investors dash to buy shares before the European close in 15 minutes time. | The stock markets are pushing higher, as investors dash to buy shares before the European close in 15 minutes time. |
| Wall Street is now in positive territory, and the FTSE 100 is up 68 points at 6,200, again of 1.1%. Mining stocks continue to lead the rally, amid chatter that the commodity crunch has hit a bottom. | Wall Street is now in positive territory, and the FTSE 100 is up 68 points at 6,200, again of 1.1%. Mining stocks continue to lead the rally, amid chatter that the commodity crunch has hit a bottom. |
| It's risk-on Friday, again! That's 3 Friday's out of thr last 4. New normal? | It's risk-on Friday, again! That's 3 Friday's out of thr last 4. New normal? |
| 4.06pm GMT | 4.06pm GMT |
| 16:06 | 16:06 |
| Bloomberg News’ Matt Boes has been truffling through the Jobs Report. | Bloomberg News’ Matt Boes has been truffling through the Jobs Report. |
| He’s spotted that unemployment among America’s Hispanic workers fell sharply last month. And the rate of retirements across the labor market dipped a little too. | He’s spotted that unemployment among America’s Hispanic workers fell sharply last month. And the rate of retirements across the labor market dipped a little too. |
| One really bright spot in the jobs report: Hispanic or Latino unemployment rate plunged last month pic.twitter.com/1gffkv2kdR | One really bright spot in the jobs report: Hispanic or Latino unemployment rate plunged last month pic.twitter.com/1gffkv2kdR |
| Looks like a bit of a slowdown in the "retirement rate" lately but still elevated relative to previous years pic.twitter.com/HDvoCgDt5X | Looks like a bit of a slowdown in the "retirement rate" lately but still elevated relative to previous years pic.twitter.com/HDvoCgDt5X |
| 3.07pm GMT | 3.07pm GMT |
| 15:07 | 15:07 |
| White House: It's a very good report | White House: It's a very good report |
| Jason Furman, who chairs president Obama’s Council of Economic Advisers, insists that “This is a very good report”. | Jason Furman, who chairs president Obama’s Council of Economic Advisers, insists that “This is a very good report”. |
| The fall in the underemployment rate, and the rise in the participation rate, show that the labor market continued to improve, argues Furman on Bloomberg TV. | The fall in the underemployment rate, and the rise in the participation rate, show that the labor market continued to improve, argues Furman on Bloomberg TV. |
| But what about the 0.1% fall in wages in February? | But what about the 0.1% fall in wages in February? |
| Furman agrees that wage growth isn’t good enough. | Furman agrees that wage growth isn’t good enough. |
| However, January saw unusually high wage growth of 0.5%. On average, the last two months showed wages growing faster than inflation, he says. | However, January saw unusually high wage growth of 0.5%. On average, the last two months showed wages growing faster than inflation, he says. |
| Updated | Updated |
| at 3.09pm GMT | at 3.09pm GMT |
| 2.48pm GMT | 2.48pm GMT |
| 14:48 | 14:48 |
| The drop in average earnings has tainted an otherwise solid US jobs report, says David Cheetham, market analyst at online trading platform XTB.com. | The drop in average earnings has tainted an otherwise solid US jobs report, says David Cheetham, market analyst at online trading platform XTB.com. |
| Overall the report paints a fairly strong picture of continued strength in the US labour market with the 4-month moving average remaining firmly above the 200k mark and the unemployment rate of 4.9% remains near its lowest level in a decade. | Overall the report paints a fairly strong picture of continued strength in the US labour market with the 4-month moving average remaining firmly above the 200k mark and the unemployment rate of 4.9% remains near its lowest level in a decade. |
| The first contraction in average hourly earnings since January last year came as an unexpected shock, although having said that there remains little evidence here of any real weakness in the labour market that would be prohibitive for Fed rate hikes in the not too distant future.’ | The first contraction in average hourly earnings since January last year came as an unexpected shock, although having said that there remains little evidence here of any real weakness in the labour market that would be prohibitive for Fed rate hikes in the not too distant future.’ |
| 2.45pm GMT | 2.45pm GMT |
| 14:45 | 14:45 |
| Markets unmoved by Jobs Report | Markets unmoved by Jobs Report |
| The financial markets are not particularly impressed by today’s jobs report. | The financial markets are not particularly impressed by today’s jobs report. |
| Wall Street has just opened, and the Dow Jones industrial average has dropped by 13 points or 0.08% to 16,931. | Wall Street has just opened, and the Dow Jones industrial average has dropped by 13 points or 0.08% to 16,931. |
| The tech-focused Nasdaq index is down 0.3% | The tech-focused Nasdaq index is down 0.3% |
| Markets are still up in Europe, though, with the FTSE 100 up 0.5% at 6,163 points - close to its highest levels this year. | Markets are still up in Europe, though, with the FTSE 100 up 0.5% at 6,163 points - close to its highest levels this year. |
| 2.35pm GMT | 2.35pm GMT |
| 14:35 | 14:35 |
| Despite a month-on-month fall in wages, overall today’s report bodes well for consumption, says Nina Skero, senior economist at the Centre for Economics and Business Research. | Despite a month-on-month fall in wages, overall today’s report bodes well for consumption, says Nina Skero, senior economist at the Centre for Economics and Business Research. |
| Strong job creation will make consumers both more able and, via boosted consumer confidence, more willing to spend. | Strong job creation will make consumers both more able and, via boosted consumer confidence, more willing to spend. |
| A healthy consumer spending outlook is especially important for the US economy as the country faces challenges on other economic fronts. | A healthy consumer spending outlook is especially important for the US economy as the country faces challenges on other economic fronts. |
| CEBR agrees that the Fed could raise interest rates again soon -- something Skero calls “unwarranted and premature”. | CEBR agrees that the Fed could raise interest rates again soon -- something Skero calls “unwarranted and premature”. |
| They also sent over this chart, showing the steady recovery in the US labor market since 2010. | They also sent over this chart, showing the steady recovery in the US labor market since 2010. |
| 2.30pm GMT | 2.30pm GMT |
| 14:30 | 14:30 |
| Richard de Meo, managing director of Foenix Partners, is quite upbeat about the Non-Farm Payroll. | Richard de Meo, managing director of Foenix Partners, is quite upbeat about the Non-Farm Payroll. |
| He reckons it has “shaken off the doubters” who thought the US economy was weakening. | He reckons it has “shaken off the doubters” who thought the US economy was weakening. |
| 2.28pm GMT | 2.28pm GMT |
| 14:28 | 14:28 |
| Today’s jobs report is a mixed bag, says Paul Ashworth of Capital Economics. | Today’s jobs report is a mixed bag, says Paul Ashworth of Capital Economics. |
| But on balance, he thinks it could tee-up a Federal Reserve rate hike this summer: | But on balance, he thinks it could tee-up a Federal Reserve rate hike this summer: |
| Overall, it’s clear that labour market conditions are still strong. The lack of a more marked pick-up in wage growth is the only missing element. | Overall, it’s clear that labour market conditions are still strong. The lack of a more marked pick-up in wage growth is the only missing element. |
| But as far as the Fed is concerned, it is already seeing a clear acceleration in core price inflation, so it can’t delay raising interest rates for much longer. A June rate hike is coming. | But as far as the Fed is concerned, it is already seeing a clear acceleration in core price inflation, so it can’t delay raising interest rates for much longer. A June rate hike is coming. |