Comforting news on the U.S jobs front
Friday’s job figures from south of the border certainly brought down investors’ level of concern at the onset of the summer period. In short, 287,000 jobs were created in June, a very reassuring upturn compared to the meagre 11,000 new positions in May. The S&P 500 rose on the news, ending the day up 1.5% and futures are pointing to a bullish opening this morning. It is worth noting that the Canadian dollar has not been able to gain any traction from the renewed appetite for risk on markets. It would appear that crude oil slipping below $45 a barrel is simply too much of a handicap to overcome.
This weekend was an eventful one on the international scene. Japanese Prime Minister Shinzo Abe won re-election in that country’s upper house by promising a new round of fiscal stimulus measures. Not surprisingly, the yen has dropped close to 2% this morning. In Australia’s election, Prime Minister Malcolm Turnbull has claimed victory, even though not all votes have been counted. We expect little economic news of note today.
