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Friday October 3, 2014 - 15:13:04 GMT
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| | Email US Market Update: September Jobs Report Buoys Global Equity Rally

Fri, 03 Oct 2014 11:01 AM EST

***Economic Data***
- (EU) ECB Announcement related to LTRO repayments: 4.5Be
- (US) Sept Change in Nonfarm Payrolls: 248K v 215Ke; Change in Private Payrolls: 236K v 210Ke
- (US) Sept Unemployment Rate: 5.9% v 6.1%e; Underemployment Rate: 11.8% v 12.0% prior
- (US) Sept Average Hourly Earnings M/M: 0.2e v 0.2% prior; Y/Y: 2.2%e v 2.1% prior; Average Weekly Hours: 34.5e v 34.5 prior
- (US) Aug Trade Balance: -$40.1B v -$40.8Be
- (CA) Canada Aug Int'l Merchandise Trade: -C$0.61B v +C$2.6B prior
- (MX) Mexico Sept Consumer Confidence Index: 91.8 v 89.7 prior
- (BR) Brazil Sept Services PMI: 51.2 v 49.2 prior; Composite PMI: 51.2 v 49.6 prior
- (US) Sept ISM Non-Manufacturing Composite: 58.6 v 58.5e

The global equity bounce-back began midway through yesterday's US session, continued through the Asia and European sessions on Friday, and has been buoyed by this morning's September jobs report. Every sector of the S&P500 is in the green, with the exception of energy and materials, both held back by the ever-stronger US Dollar. As of writing, the DJIA is up 0.78%, the S&P500 is up 0.70% and the Nasdaq is up 1.08%.

The very good 248K gain in the September non-farm payrolls was complemented by a combined 69K in upward revisions to July and August data. The unemployment rate declined from 6.1% in August to 5.9%, the lowest level since July 2008, which also corresponds with the Fed's projection for the year-end unemployment rate. Average wage growth was flat m/m, and over the year hourly earnings have risen by a mere 2.0%. The dollar soared after the data dropped, with EUR/USD plummeting to fresh two-year lows around 1.2500 as of writing, and USD/JPY moving sharply toward the six-year highs above 110 seen mid-week. Gold is sinking under the weight of the dollar, with spot gold making new YTD lows below $1,195 and approaching the 2013 low of $1,185. Front-month WTI is holding just above $90, well above yesterday's $88 lows.

The September ISM services index slipped to 58.6 from August's 59.6. Among subcomponents, employment grew slightly while new order and prices paid both slipped lower. According to the ISM, respondents' comments indicated business seems to be leveling off with a slight slowing in the momentum of the past few months of strong growth. They continue to remain optimistic about business conditions and the overall direction of the economy.

Salix Pharmaceuticals has called off a merger deal with Italy's Cosmo Pharmaceuticals SpA that was structured as a tax inversion. This comes only days after the US Treasury took a series of steps to curb such deals and prevent companies from avoiding taxes. Shares of SLXP are up nearly 3%; since the Treasury announcement, the company has faced pressure from top shareholders to cancel the deal and sell itself, possibly to Allergan or Actavis.

Shares of Radioshack were up as much as 65% in the premarket this morning before they were halted. Overnight there were reports that the troubled retailer had reached a financing agreement with group led by Standard General, allowing the company to refinance $590M in loans and increase inventories ahead of the holiday season.

***Looking Ahead***
- 17:00 (CO) Colombia Sept PPI M/M: No est v 0.7% prior; Y/Y: No est v 3.0% prior


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