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Friday May 3, 2013 - 15:33:54 GMT
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| | Email US Market Update: April Jobs Report Surprises to the Upside, Equity Indices Surge Higher US Market Update: April Jobs Report Surprises to the Upside, Equity Indices Surge Higher
Fri, 03 May 2013 11:14 AM EST

***Economic Data***
- (IE) Ireland Mar Industrial Production M/M: -2.2% v +1.0% prior; Y/Y: -5.3% v +0.6% prior
- (BR) Brazil Mar Industrial Production M/M: 0.7% v 1.3%e; Y/Y: -3.3% v -2.4%e
- (US) Apr Change in Nonfarm Payrolls: +165K v +140Ke; Change in Private Payrolls: +176K v +160Ke; Change in Manufacturing Payrolls: 0.K v +5Ke; Two-Month Payroll Net Revision: +114K v +5Ke
- (US) Apr Unemployment Rate: 7.5% v 7.6%e; Underemployment Rate: 13.9% v 13.8% prior; Change in Household Employment: +293K v -206K prior
- (US) Apr Avg Hourly Earning M/M: 0.2% v 0.2%e; Y/Y: 1.9% v 1.9%e; Avg Weekly Hours: 234.4 v 34.6e
- (BE) Belgium Q1 Preliminary GDP Q/Q: +0.1% v -0.1% prior; Y/Y: -0.5% v -0.5% prior
- (US) Mar Factory Orders: -4.0% v -2.9%e v +3.0% prior
- (US) Mar Durable goods revised to -5.8 from -5.7%
- (US) Apr ISM Non-Manufacturing Composite: 53.1 v 54.0e

- The DJIA is above 15,000 and the S&P500 is above 1,600 this morning as the better than expected April US jobs report sends global markets. European markets surged higher as well, with the DAX moving out to within points of the index's 2007 all-time high. As of writing, the DJIA is up +1.15%, the S&P500 is up +1.27% and the Nasdaq is up 1.34%.

- The April jobs report was a big positive surprise as both nonfarm and private payrolls comfortably topped diminished expectations. After an extended period of gloom and doom about jobs from analysts and talking heads, plus the weak ADP report on Wednesday, markets were caught flat-footed by the data and surged higher on the surprise beat. Interestingly analysts say the decline in the unemployment rate reflected a real gain in employment rather than people leaving the workforce. The labor force participation rate held steady at a 34-year low of 63.3%.

- EUR/USD has been highly volatile over the last 12 hours. Traders were buying euro heading into the jobs data, pushing EUR/USD to 1.3145 just ahead of the report at 08:30ET. The pair spiked lower after the data, bottoming out at 1.3035 before retesting above 1.3150. USD/JPY saw the 99 handle for the first time in a week but turned lower after testing 99.25.

- AIG's property and casualty business booked its first underwriting profit in two and a half years in Q1. Note that this comes after a raft of other insurance companies beat earnings estimates citing better pricing. AIG's net profit did decline on a y/y basis, but less than analysts had projected. Shares of AIG are up 6%.

- Shares of LinkedIn are down more than 9% this morning. The firm's Q1 EPS and revenue figures both topped consensus expectations, however its Q2 revenue guidance was significantly below consensus. Note that the company actually tweaked its full-year forecast higher.

***Looking Ahead***
- 12:00 (HU) Hungary PM Orban in Portugal
- 12:30 (US( Fed's Tarullo on financial stability in Washington DC
- 12:45 (US) Fed's Lacker Speaks on the Economy in Richmond, Virginia
- 13:05 (CA) Bank of Canada's Carney gives panel remarks in Toronto
- 17:00 (CO) Colombia Apr Producer Price Index M/M: No est v 0.4% prior; Y/Y: No est v -1.9% prior


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