Morning Minutes

Strong Nonfarm Payrolls and Canada Jobs Reports Headline Morning News




Stock market action from around the world has been mixed this morning. US index futures are up slightly with gains of 0.1%-0.2%. In Europe, the Dax is up 0.1% while the FTSE is up 0.4%, benefitting from its currency getting pounded for a second straight day after the Bank of England surprised investors by staying dovish. Asia Pacific markets declined with the Hang Seng falling 1.4% and the Nikkei dropping 0.6%. Commodities are also mixed. WTI crude oil is up 0.7% after OPEC+ refused to cave in to US pressure and maintained its current production restoration plan of 400K bbl/d per month, but natural gas is down 1.0% and copper is steady.

US nonfarm payrolls were very strong, beating the street even after a big upward revision to last month’s report (531K vs street 425K, previous revised up to 312K from 194K). Average hourly earnings indicated wage inflation continues to increase (4.9% vs street 4.8% and previous 4.6%). In Canada job creation slowed but was still better than expected (31K  vs street 19K and previous 157K).   Canada Ivey PMI is due at 10:00 am today (street 62.7 vs previous 70.4). Overall the job reports were indicative of a robust economy and a healthy job market.

Earnings reports have sparked significant swings in both directions today. Companies that beat expectations include Canada Goose (+$0.10 vs street -$0.12, up 10.7% premarket), AirBnB ($1.22 vs street $0.75, up 5.3% premarket), Telus ($0.25 vs street $0.24), and Expedia  ($3.53 vs street $1.65, up 14.8% premarket). Companies that disappointed investors include Peloton (-$1.21 vs street -$1.07, down 31.4% premarket), Magna International ($0.56 vs street $0.60 due to auto chip shortage), and Uber (-$1.28 vs street -$0.33).     

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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