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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/may/06/markets-nervously-await-us-jobs-report-business-live
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| Markets fall on shock US jobs report - business live | |
| (35 minutes later) | |
| 1.50pm BST | |
| 13:50 | |
| The 160,000 non-farm jobs created in April was the smallest in seven months. | |
| Falls in European markets have accelerated since the jobs report was published: | |
| 1.31pm BST | |
| 13:31 | |
| Sharp drop in non-farm payrolls | |
| Breaking: US non-farm payrolls dropped sharply in April, to 160,000 from 208,000 in March. | |
| This is a large downside shock. Economists were expecting 202,000. | |
| The March figure was revised down from an initial estimate of 215,000 jobs. Reaction to follow. | |
| Updated | |
| at 1.33pm BST | |
| 1.22pm BST | |
| 13:22 | |
| Almost time for US payrolls. | |
| Economists polled by Reuters are expecting the report to show that non-farm payrolls increased by 202,000 in April, lower than March’s 215,00. | |
| Just under 10 minutes to go. | |
| 1.20pm BST | |
| 13:20 | |
| Thomas Cook in May half-term strike threat | |
| Thomas Cook cabin crew are voting on possible strike action during the half-term holiday in May. | |
| The dispute centres on proposed changes to the length of breaks staff will be allowed to take. | |
| Cabin crew will be allowed one 20-minute break over a 12-hour shift, according to Unite, Britain’s largest union. More than 1,000 cabin crew have begun voting in a ballot for industrial action. | |
| The union said staff were previously entitled to a 20-minute break every six hours and that the proposed changes would put passenger safety at risk. | |
| Read our full story here. | |
| 12.37pm BST | 12.37pm BST |
| 12:37 | 12:37 |
| Leicester City’s incredible Premier League title win has already put the East Midlands city on the tourist map. | Leicester City’s incredible Premier League title win has already put the East Midlands city on the tourist map. |
| Days after claiming the title for the first time in the club’s history, visitors are planning to descend on the city in droves this weekend according to Trivago, the hotel search website. | Days after claiming the title for the first time in the club’s history, visitors are planning to descend on the city in droves this weekend according to Trivago, the hotel search website. |
| Searches for a hotel stay in Leicester for the coming weekend jumped 277% since the win (compared with the week before). The average stay required was one night. | Searches for a hotel stay in Leicester for the coming weekend jumped 277% since the win (compared with the week before). The average stay required was one night. |
| Leicester will receive the trophy after their final home game of the season against Everton on Saturday. | Leicester will receive the trophy after their final home game of the season against Everton on Saturday. |
| A hotel room in the city on Saturday night will cost you an average £128, up 49% from the May monthly average of £86. Room availability for this Saturday is just 4%. | A hotel room in the city on Saturday night will cost you an average £128, up 49% from the May monthly average of £86. Room availability for this Saturday is just 4%. |
| In a sign that heightened interest is not limited to this weekend alone, hotel searches for all future travel to Leicester increased by 195%. | In a sign that heightened interest is not limited to this weekend alone, hotel searches for all future travel to Leicester increased by 195%. |
| Trivago’s Denise Bartlett: | Trivago’s Denise Bartlett: |
| With much buzz surrounding Leicester’s inconceivable Premier League victory, it is unsurprising to see a last-minute surge in hotel searches to the city. | With much buzz surrounding Leicester’s inconceivable Premier League victory, it is unsurprising to see a last-minute surge in hotel searches to the city. |
| The average stay duration of one night suggests that fans have either managed to obtain last-minute tickets, or simply want to soak up the atmosphere and celebrate. | The average stay duration of one night suggests that fans have either managed to obtain last-minute tickets, or simply want to soak up the atmosphere and celebrate. |
| The increase in travel interest for a hotel stay in the future, however, suggests that Leicester’s tourism industry may be able to experience more long-term benefits from the media exposure.” | The increase in travel interest for a hotel stay in the future, however, suggests that Leicester’s tourism industry may be able to experience more long-term benefits from the media exposure.” |
| 12.04pm BST | 12.04pm BST |
| 12:04 | 12:04 |
| Athens Airport announcement for general strike #Greece #generalstrike pic.twitter.com/DhSd6kpPgk | Athens Airport announcement for general strike #Greece #generalstrike pic.twitter.com/DhSd6kpPgk |
| Second protest today due to 48h #strike in #Greece against planned social security reform#apergia pic.twitter.com/KTc6dWG2uJ | Second protest today due to 48h #strike in #Greece against planned social security reform#apergia pic.twitter.com/KTc6dWG2uJ |
| 12.02pm BST | 12.02pm BST |
| 12:02 | 12:02 |
| Greece strikes over pension and tax reforms | Greece strikes over pension and tax reforms |
| Tensions are already running high in Athens as Greeks take to the streets at the beginning of a three-day general strike. | Tensions are already running high in Athens as Greeks take to the streets at the beginning of a three-day general strike. |
| A strike was already planned for Sunday, to coincide with a parliamentary vote on tax and pension reforms, but unions called on Thursday for the strike to be extended to Friday and Saturday. | A strike was already planned for Sunday, to coincide with a parliamentary vote on tax and pension reforms, but unions called on Thursday for the strike to be extended to Friday and Saturday. |
| The austerity measures are part of a package reforms that are being proposed in return for more bailout money from Greece’s lenders. | The austerity measures are part of a package reforms that are being proposed in return for more bailout money from Greece’s lenders. |
| Workers from the Greek shipping industry, civil service, and public transport sector are among those taking part in the strike. | Workers from the Greek shipping industry, civil service, and public transport sector are among those taking part in the strike. |
| Greece’s largest labour union, the private sector GSEE, said the proposed reforms were the “last nail in the coffin” for workers and pensioners who have already suffered six years of austerity. | Greece’s largest labour union, the private sector GSEE, said the proposed reforms were the “last nail in the coffin” for workers and pensioners who have already suffered six years of austerity. |
| A GSEE spokesperson said: | A GSEE spokesperson said: |
| They are trying to prove to the Eurogroup that they are good students but the y are destroying Greece’s social security system. | They are trying to prove to the Eurogroup that they are good students but the y are destroying Greece’s social security system. |
| 11.24am BST | 11.24am BST |
| 11:24 | 11:24 |
| IMF urges eurozone to start Greek debt relief talks | IMF urges eurozone to start Greek debt relief talks |
| Christine Lagarde is losing patience with eurozone finance ministers. | Christine Lagarde is losing patience with eurozone finance ministers. |
| The head of the International Monetary Fund has written to all 19 of them urging them to immediately start talks on providing debt relief for Greece, or risk losing the support of the IMF for a Greek package. | The head of the International Monetary Fund has written to all 19 of them urging them to immediately start talks on providing debt relief for Greece, or risk losing the support of the IMF for a Greek package. |
| In the letter - seen by the FT’s Peter Spiegel - Lagarde writes: | In the letter - seen by the FT’s Peter Spiegel - Lagarde writes: |
| We believe that specific [economic reform] measures, debt restructuring, and financing must now be discussed contemporaneously. | We believe that specific [economic reform] measures, debt restructuring, and financing must now be discussed contemporaneously. |
| For us to support Greece with a new IMF arrangement, it is essential that the financing and debt relief from Greece’s European partners are based on fiscal targets that are realistic because they are supported by credible measures to reach them. | For us to support Greece with a new IMF arrangement, it is essential that the financing and debt relief from Greece’s European partners are based on fiscal targets that are realistic because they are supported by credible measures to reach them. |
| Lagarde issued the warning as talks between Greece and its eurozone partners on a package of reforms appear to have stalled. | Lagarde issued the warning as talks between Greece and its eurozone partners on a package of reforms appear to have stalled. |
| Last month, finance ministers told Athens they wanted to see €3bn (£2.4bn) of specific contingency reforms in place - as an insurance policy in the event that main reform measures did not go far enough to allow Greece to make its repayments - before releasing more funds. | Last month, finance ministers told Athens they wanted to see €3bn (£2.4bn) of specific contingency reforms in place - as an insurance policy in the event that main reform measures did not go far enough to allow Greece to make its repayments - before releasing more funds. |
| But no agreement has been reached on contingencies, and the IMF wants debt relief to be included in the talks immediately. | But no agreement has been reached on contingencies, and the IMF wants debt relief to be included in the talks immediately. |
| Last day in #Brussels, 1 last #Greece scoop: @Lagarde letter to all EZ finmins last nite urges immediate debt talks: https://t.co/j2jQtbgUh2 | Last day in #Brussels, 1 last #Greece scoop: @Lagarde letter to all EZ finmins last nite urges immediate debt talks: https://t.co/j2jQtbgUh2 |
| 11.01am BST | 11.01am BST |
| 11:01 | 11:01 |
| European markets are still down ahead of the US payrolls... | European markets are still down ahead of the US payrolls... |
| 10.26am BST | 10.26am BST |
| 10:26 | 10:26 |
| Spain: industrial production rebounds | Spain: industrial production rebounds |
| Some upbeat figures from Spain earlier. | Some upbeat figures from Spain earlier. |
| Industrial production rose 1.2% in March, rebounding from a 0.3% drop in February and the best performance since 2014. | Industrial production rose 1.2% in March, rebounding from a 0.3% drop in February and the best performance since 2014. |
| It was much better than expected - economists had forecast a smaller 0.3% increase. | It was much better than expected - economists had forecast a smaller 0.3% increase. |
| On an annual basis, industrial output increased 2.8% in March. | On an annual basis, industrial output increased 2.8% in March. |
| #Spain Industrial Production year-on-year at 2.8% https://t.co/yRJLumRps5 pic.twitter.com/FQNUYjoYsW | #Spain Industrial Production year-on-year at 2.8% https://t.co/yRJLumRps5 pic.twitter.com/FQNUYjoYsW |
| Updated | Updated |
| at 10.28am BST | at 10.28am BST |
| 10.01am BST | 10.01am BST |
| 10:01 | 10:01 |
| Howard Archer, chief UK economist at IHS Global Insight, says this morning’s car figures show resilience but there are also signs that consumers are becoming concerned about the economic outlook: | Howard Archer, chief UK economist at IHS Global Insight, says this morning’s car figures show resilience but there are also signs that consumers are becoming concerned about the economic outlook: |
| New car sales were pretty resilient in April, in contrast to the weakened performance seen in many other sectors of the economy. | New car sales were pretty resilient in April, in contrast to the weakened performance seen in many other sectors of the economy. |
| A modest dip in private sector car sales may well be the consequence of consumers becoming more wary about buying big ticket items due to increased concerns over the economic outlook and a recent dilution of purchasing power compared to the peak levels of 2015. | A modest dip in private sector car sales may well be the consequence of consumers becoming more wary about buying big ticket items due to increased concerns over the economic outlook and a recent dilution of purchasing power compared to the peak levels of 2015. |
| Over the longer term, much will obviously depend on how earnings growth develops, given that employers have been using prolonged negligible inflation as a reason to award modest pay increases. Also important is whether the labour market can regain momentum after the EU referendum. | Over the longer term, much will obviously depend on how earnings growth develops, given that employers have been using prolonged negligible inflation as a reason to award modest pay increases. Also important is whether the labour market can regain momentum after the EU referendum. |
| 9.40am BST | 9.40am BST |
| 09:40 | 09:40 |
| The best-selling cars in the UK in April: | The best-selling cars in the UK in April: |
| 9.36am BST | 9.36am BST |
| 09:36 | 09:36 |
| UK new car sales rise 2% in April | UK new car sales rise 2% in April |
| New car sales rose again in April, up 2% compared with a year earlier. | New car sales rose again in April, up 2% compared with a year earlier. |
| A total of 189,505 new cars were sold last month - the largest number for the month of April in 13 years according to the Society of Motor Manufacturers and Traders. | A total of 189,505 new cars were sold last month - the largest number for the month of April in 13 years according to the Society of Motor Manufacturers and Traders. |
| The increase was driven by fleet and business sales, up 6.1% and 2.8% respectively. Sales to individuals however fell 2.5%. | The increase was driven by fleet and business sales, up 6.1% and 2.8% respectively. Sales to individuals however fell 2.5%. |
| It followed a very strong March, when 518,000 new cars were registered, making it the second-biggest month on record. | It followed a very strong March, when 518,000 new cars were registered, making it the second-biggest month on record. |
| April’s numbers take the total number of new cars sold in 2016 so far to 961,285, 4.4% ahead of this time last year. | April’s numbers take the total number of new cars sold in 2016 so far to 961,285, 4.4% ahead of this time last year. |
| Mike Hawes, SMMT’s chief executive, reiterated his point that greater-than-usual uncertainty lies ahead for the car market in the months ahead, as the UK goes to the polls on EU membership. | Mike Hawes, SMMT’s chief executive, reiterated his point that greater-than-usual uncertainty lies ahead for the car market in the months ahead, as the UK goes to the polls on EU membership. |
| After such a strong March, April’s steadier performance was to be anticipated, and is in line with our expectations for the year. | After such a strong March, April’s steadier performance was to be anticipated, and is in line with our expectations for the year. |
| Consumer confidence remains high as buyers continue to capitalise on attractive finance deals, although this could be affected by political and economic uncertainty in the coming months. | Consumer confidence remains high as buyers continue to capitalise on attractive finance deals, although this could be affected by political and economic uncertainty in the coming months. |
| 8.56am BST | 8.56am BST |
| 08:56 | 08:56 |
| BHS row: Green calls for MP to step down from inquiry | BHS row: Green calls for MP to step down from inquiry |
| Sir Philip Green, the billionaire former owner of BHS, has called for the resignation of MP Frank Field as head of the parliamentary investigation into the retailer’s demise. | Sir Philip Green, the billionaire former owner of BHS, has called for the resignation of MP Frank Field as head of the parliamentary investigation into the retailer’s demise. |
| The entrepreneur has accused Field of being “prejudiced” against him. | The entrepreneur has accused Field of being “prejudiced” against him. |
| Green sold BHS for £1 a year ago to a group of little-known investors. Last week the retail chain collapsed into administration putting 11,000 jobs at risk and leaving the company with a £571m pensions black hole. | Green sold BHS for £1 a year ago to a group of little-known investors. Last week the retail chain collapsed into administration putting 11,000 jobs at risk and leaving the company with a £571m pensions black hole. |
| As chairman of the work and pensions committee, Field is leading the parliamentary inquiry (due to begin on Monday) into what went wrong at BHS. | As chairman of the work and pensions committee, Field is leading the parliamentary inquiry (due to begin on Monday) into what went wrong at BHS. |
| Field told the Financial Times on Thursday that Green should “make good” the pension scheme by paying off the deficit, or lose his knighthood: | Field told the Financial Times on Thursday that Green should “make good” the pension scheme by paying off the deficit, or lose his knighthood: |
| I feel that Philip Green has a moral duty to make good the pension scheme and if he doesn’t, while I can’t speak for the committee as a whole, I personally would recommend he should lose his knighthood. | I feel that Philip Green has a moral duty to make good the pension scheme and if he doesn’t, while I can’t speak for the committee as a whole, I personally would recommend he should lose his knighthood. |
| Sir Philip is a master of bullying but he will find that parliament isn’t for being bullied. | Sir Philip is a master of bullying but he will find that parliament isn’t for being bullied. |
| Green described the comments as an “outrageous outburst” and called for Field to step down: | Green described the comments as an “outrageous outburst” and called for Field to step down: |
| Clearly he has made his decision as to what he feels the punishment should be without even hearing any evidence from anybody about BHS or the circumstances of the last 15 years. | Clearly he has made his decision as to what he feels the punishment should be without even hearing any evidence from anybody about BHS or the circumstances of the last 15 years. |
| I think Mr Field needs to stand down from the inquiry immediately as he is clearly prejudiced. | I think Mr Field needs to stand down from the inquiry immediately as he is clearly prejudiced. |
| Read our full story on the row here. | Read our full story on the row here. |
| 8.23am BST | 8.23am BST |
| 08:23 | 08:23 |
| Investors are particularly nervous about the US payrolls report today following other worrying signals that the labour market is weakening in the world’s largest economy. | Investors are particularly nervous about the US payrolls report today following other worrying signals that the labour market is weakening in the world’s largest economy. |
| A study published on Thursday showed the number of US workers laid off last month jumped, hitting the highest level for an April in seven years. | A study published on Thursday showed the number of US workers laid off last month jumped, hitting the highest level for an April in seven years. |
| Meanwhile the US Labor Department said the number of Americans making new claims for unemployment benefits rose 17,000 to 274,000 last week - the largest increase since February last year. | Meanwhile the US Labor Department said the number of Americans making new claims for unemployment benefits rose 17,000 to 274,000 last week - the largest increase since February last year. |
| Economists had forecast a smaller number of around 260,000. | Economists had forecast a smaller number of around 260,000. |
| 8.11am BST | 8.11am BST |
| 08:11 | 08:11 |
| Oil prices are also falling this morning. | Oil prices are also falling this morning. |
| Brent crude oil is down 0.5% at $44.77 a barrel. | Brent crude oil is down 0.5% at $44.77 a barrel. |
| 8.09am BST | 8.09am BST |
| 08:09 | 08:09 |
| European markets open lower | European markets open lower |
| The cautious sentiment has spread to Europe, with markets opening lower across the board this morning. | The cautious sentiment has spread to Europe, with markets opening lower across the board this morning. |
| The FTSE 100 is down 0.7% at 6,076. | The FTSE 100 is down 0.7% at 6,076. |
| Germany’s DAX is down 0.5%, the French CAC is down 0.7%. | Germany’s DAX is down 0.5%, the French CAC is down 0.7%. |
| In Spain the IBEX is down 0.4%, while Italy’s FTSE MIB is down 0.2%. | In Spain the IBEX is down 0.4%, while Italy’s FTSE MIB is down 0.2%. |
| 8.01am BST | 8.01am BST |
| 08:01 | 08:01 |
| Asian markets hit one-month low | Asian markets hit one-month low |
| Shares in Asia have fallen, hitting one-month lows as fears over the US jobs recovery and the wider economy take their toll. | Shares in Asia have fallen, hitting one-month lows as fears over the US jobs recovery and the wider economy take their toll. |
| Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management” | Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management” |
| Recent global economic data and some corporate earnings from major Western firms have been lackluster, leading to risk-off trading in markets. | Recent global economic data and some corporate earnings from major Western firms have been lackluster, leading to risk-off trading in markets. |
| Japan’s Nikkei Index fell 0.25%. | Japan’s Nikkei Index fell 0.25%. |
| In China, the Shanghai Composite Index fell 2.2%, while Hong Kong’s Hang Seng was down 1.2%. | In China, the Shanghai Composite Index fell 2.2%, while Hong Kong’s Hang Seng was down 1.2%. |
| 7.39am BST | 7.39am BST |
| 07:39 | 07:39 |
| Markets await US payrolls report | Markets await US payrolls report |
| 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. |
| The big news item on the agenda today is the US payrolls report for April, published at 13.30 UK time. | The big news item on the agenda today is the US payrolls report for April, published at 13.30 UK time. |
| Economists and investors are nervous about this one. The headline non-farm payrolls figure is expected to show 202,000 jobs were created in April, fewer than the 215,000 created in March. | Economists and investors are nervous about this one. The headline non-farm payrolls figure is expected to show 202,000 jobs were created in April, fewer than the 215,000 created in March. |
| A softer US jobs market would only add to fears of a wider slowdown, and investors are fearful that the number today could be even lower, as Michael Hewson from CMC Markets explains: | A softer US jobs market would only add to fears of a wider slowdown, and investors are fearful that the number today could be even lower, as Michael Hewson from CMC Markets explains: |
| Expectations around today’s number are for 200k new jobs to be added for April, down from 215k in March, which would be more in line with the better than expected ISM non-manufacturing report which came out on Wednesday. | Expectations around today’s number are for 200k new jobs to be added for April, down from 215k in March, which would be more in line with the better than expected ISM non-manufacturing report which came out on Wednesday. |
| That saw a decent rise in the employment component, with the unemployment rate remaining steady at 5%, but there does appear to be an undercurrent of concern that suggests we could see a miss to the downside. | That saw a decent rise in the employment component, with the unemployment rate remaining steady at 5%, but there does appear to be an undercurrent of concern that suggests we could see a miss to the downside. |
| European markets are on course to end the week down for a second week, as concerns persists over the state of the global economy. Markets are expected to open lower: | European markets are on course to end the week down for a second week, as concerns persists over the state of the global economy. Markets are expected to open lower: |
| Our European opening calls:$FTSE 6108 down 9$DAX 9818 down 34$CAC 4294 down 26$IBEX 8672 down 17$MIB 17877 down 47 | Our European opening calls:$FTSE 6108 down 9$DAX 9818 down 34$CAC 4294 down 26$IBEX 8672 down 17$MIB 17877 down 47 |