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US NonFarm Payrolls Impress | Global Markets Soar on Trump Trade Hopes
Published November 2, 2018
The Bureau of Labor Statistics reported that the US economy added 250,000 jobs in October, far above consensus estimates of 190,000. Annual wage gains topped 3% for the first time since 2009 and the jobless rate held at a 48-year low, signaling the labour market will keep driving consumption and economic growth.
President Donald Trump wants to reach an agreement on trade with Chinese President Xi Jinping at the Group of 20 Nations Summit in Argentina later this month and has asked key US officials to begin drafting potential terms. Stocks extended gains globally, as a buoyant mood swept markets on the back of fresh hopes for trade between the world’s two biggest economies.
Italy’s budget dispute with Brussels is likely to escalate in coming weeks unless Rome revises its free-spending plans, EU officials said. This could lead to fines, a freeze of EU funds and bond-sale monitoring.
The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran next week. According to a US administration official, the waivers are only temporary. Identification of which countries get waivers will be officially released on Monday.