Asian markets rallied after Greece canceled a call for a national referendum on the recent bailout deal. The Nikkei climbed 1.9%, although Sony shares dropped 7.9% after lowering its outlook for the 4th quarter. The Kospi and Hang Seng both surged 3.1%, and the ASX 200 advanced 2.6%, led by miners. China’s Shanghai Composite closed with a gain of .8%.
European markets slumped, as disappointment over the G20 meeting weighed on investors. Despite high hopes, the meeting generated little support for Europe’s bailout fund. The DAX tumbled 2.7%, the CAC40 slumped 2.3%, while the FTSE escaped the wreckage, easing just .3%.
Germany's DAX Tumbles 2.7%
US payroll data showed job growth was significantly lower than expected, gaining just 80K jobs October. Economists had forecast a jump of 95K jobs. USstocks closed modestly lower, but were well off their session lows. The Dow dropped 61 points to 11983, the Nasdaq slipped .4% and the S&P 500 declined .6%. The VIX eased slightly, settling just above 30.
Starbucks shares jumped 6.7% after reporting strong profits, while AMD shares fell 1% due to a weak PC market.
Currencies
The Canadian Dollar dropped 1% to 1.0188, after employment data showed an unexpected drop in jobs. The Swiss Franc fell .9% to 1.1287, and the Euro fell .2% to 1.3782. The Pound closed flat, and the Yen eased .2% to 78.24.
Economic Outlook
While the jobs report was weaker than forecast, the unemployment rate declined to 9% from 9.1%. The economy does appear to be growing, although much slower than desired.
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Daily Analysis – Stocks Mixed as US Payroll Data Disappoints
Published 11/22/2011, 07:24 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Stocks Mixed as US Payroll Data Disappoints
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