US jobs gains calm investor nerves |
| Financial Times - Jan 4, 2013 |
Solid US jobs figures calmed investors unsettled by hawkish talk from US Federal Reserve policy makers, swinging global stocks back into positive territory and trimming gains for the dollar.
A non-farm payrolls figure of 155,000 that came in slightly above expectations represents a “sweet spot” for sentiment – good enough to lift risky assets but not so good that it fans fears about the early withdrawal of extra central bank liquidity.
“The very solid US employment data will, if anything, push out the date for an end to quantitative easing and represents solidly risk-positive numbers,” said Alan Ruskin of Deutsche Bank.
Prior to the US jobs numbers, a resurgent dollar had hit 2˝-year highs against the yen while gold had sold off with bullion prices particularly vulnerable to expectations of waning central bank liquidity.
The S&P 500 index was 0.3 per cent firmer in New York, lifted not only by non-farm payrolls but also by ISM services data reaching 10-month highs, while many European stock markets erased early losses and closed higher in the wake of the US jobs report.
Read Full Article from Financial Times
- Posted: 2013-01-04 15:58:59
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