Bitcoin Gets Hammered Again, Canada Jobs Disappoint

US markets return to trading today with index futures up 0.2% across the board. Stocks had been drifting downward but have rallied following a mixed US employment report. Headline job growth of 206K beat the street by 16K but traders have decided to ignore that the previous month was revised down 54K. Wage inflation, in the form of US average hourly earnings, meanwhile came in worse than expected (4.1% vs street 3.9%).

Canadian data showed Stagflation remains a problem as headline jobs had a surprise decline (-1.4K vs street 22K). Wage inflation pressures increased (5.6% vs previous 5.2%).

Over in Europe, the FTSE is flat suggesting that last night’s big Labour win and big gains by the Liberal Democrats at the expense of the Conservatives who were kicked out after 14 years, was widely expected and already priced in to the market.

On the continent, the Dax is up 0.7% and the CAC is up 0.3%. Eurozone retail sales (0.3% over year vs street 0.1%) beat expectations but were not very strong overall. The second round of French Parliamentary elections is being held on Sunday.

Cryptocurrencies are getting crushed again today with the distribution of Bitcoins that had been tied up in the bankruptcy of the Mt. Gox exchange apparently hitting the market. Bitcoin is down 5.1% while Ether is down 6.3%. Gold is up 0.12% while Silver is up 0.3%. In commodity action, Copper continues its rebound, popping another 3.1% today, while Platinum is up 1.25%. Energy contracts are getting knocked back with US Crude Oil down 0.1% and Natural Gas down 1.8%.

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