Wall Street gets September off to a late start with a holiday- shortened week that focusses squarely on the U.S. jobs market after last month's unemployment ...
Wall Street gets September off to a late start with a holiday- shortened week that focusses squarely on the U.S. jobs market after last month's unemployment rate scare sparked a mini panic.
As a roller-coaster August played out, the jump in the unemployment rate was downplayed as partly distorted and subsequent weekly jobless readings were much healthier - while the Federal Reserve clearly switched its focus to the labor market and all but confirmed a September interest rate cut. Before then we get a whole heap of other labor market soundings - private sector surveys and layoffs data for August, July job opening numbers and another weekly jobless readout.
The travails of manufacturing are weighing on commodity and energy prices, with crude oil prices clocking year-on-year losses of almost 13% for the first time in 2024. The prospects of higher OPEC production next month adds to the pressure. The U.S. dollar was firmer more generally, with the index hitting its best levels since August 19, and the euro fell back to two-week lows as well.
Aside from another dour manufacturing reading in China, shares in major Hong Kong property developer New World Development plunged 13% to a 21-year low after it estimated a net loss of as much as HK$20 billion for the financial year that ended in June.
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