***Economic Data*** - (CA) Canada May Net Change in Employment: 67.3K v 15.0Ke; Unemployment Rate: 8.1% v 8.0%e ; Full Time Employment: 67.3K v 43.8K prior; Part time Employment: -42.5K v 64.8K prior - (US) May Change in Nonfarm Payrolls: 431K v 536Ke; Change in Private Payrolls: 41K v 180Ke ; Change in Manufacturing Payrolls: 29K v 33Ke - (US) May Unemployment Rate: 9.7% v 9.8%e - (US) May Avg Hourly earnings M/M: 0.3% v 0.1%e; Avg Weekly Hours: 34.2 v 34.1e - (CA) Canada Apr Building Permits M/M: 5.4% v -2.0%e - (RU) Russia May Consumer Prices M/M: 0.5% v 0.4%e; Y/Y: 6.0% v 5.8%e; CPI YTD: 4.0% v 3.9%e - (RU) Russia May CPI Core M/M: 0.1% v 0.3%e; Core CPI YTD: 1.8% v 1.9%e - 10:00 (CA) Canada May Ivey Purchasing Managers Index: 62.7 v 60.5e
- Hopes for more signs of economic recovery were dashed this morning by a disappointing May employment report. US equity indices opened down sharply in the wake of the jobs data, with a fresh wave of European sovereign debt jitters compounding the risk aversion. The Labor department reported that the US economy added 430K jobs in May, well less than the 536K expected - but the bulk of those jobs were government hiring, and the new private payrolls line in the report was totally underwhelming. Even President Obama conceded that many of the new jobs created in May were in fact temporary census positions. In Europe, edgy comments from the new government in Hungary (calling default a real possibility and saying the government will not implement austerity measures) and fresh rumors emanating out of the French banking industry sent the euro tumbling to fresh four-year lows around 1.2020 and helped break below long-standing resistance in EUR/CHF at 1.40. Treasury prices have surged after yields had been drifting higher over the last few sessions leading up to the jobs figures. The US 10-year yield is back below 3.25% after briefly testing 3.4% yesterday, while the 2-year is sub 0.75% again.
- After successfully cutting the riser pipe away from the well head in yesterday's session, BP engineers successfully attached the containment cap, or "top hat," to the well head this morning. Oil continues leaking from the well, however, and BP has stated that it will take up to two days in order to complete the capping operation. BP believes the containment cap may allow it to capture up to 90% of the hydrocarbons leaking from the well. On an investor update call this morning, BP said that future decisions on the dividend will be made by the board, and confirmed that it has spent over $1B in dealing with the spill so far. Ominously CEO Hayward warned that long-term costs of the disaster would be severe, and spread out over years. Shares of BP are down 3%. RIG and HAL are around even. Anadarko, which was hit hard earlier in the week, continues to recover, with APC up 4% in the early going.
- Goldman Sachs is among the few names in positive territory this morning, on chatter that the bank will announce a settlement deal with the SEC imminently. Keep in mind that Goldman has until the middle of June to respond to the SEC's charges. Second line retailers Quicksilver and Blyth are making notable moves this morning post earnings. Quicksilver crushed earnings expectations in its Q2 report yesterday. Shares of ZQK are up nearly 10%. Blyth slashed its FY11 earnings outlook, citing the impact of the rapidly tumbling euro, as well as weak US consumer spending. BTH is down nearly 18%. Microcap Krispy Kreme is also up 10%, after growing its earnings and offering optimistic commentary about its FY11.
- In FX trading inflammatory comments from Hungary sent the EUR/CHF cross plummeting to fresh life-time lows after the 1.40 handle gave away with no signs of any SNB currency intervention. The EUR/USD posted fresh four-year lows just above the 1.20 handle, where an option related barrier capped session losses.
***Looking Ahead*** - G20 Finance Ministers meet in South Korea
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