Dow electrified by Job data
Dow Jones Industrial Averages jumped more than 300 points after job data surpass expectation. Non-farm employment increase 313k vs. 205k expectation. Unemployment stays flat at 4.1% though below 4.0% expectation. Nevertheless, it is the strongest performance in labor market since two decades ago.
The news accepted as a refresher for the market after the prospect of future rising rates and trade wars. The previous week, the market bombarded by Jerome Powell testimony which inclines to the hawkish side. The new Fed chief drives up four interest-rate hikes this year.
By the end of the previous week, President Trump dumps cold water on the market as he insists on Tariff plan which later signed this week. Korean steel market struggle, but Korean stock market boosted by news that President Trump will make an official visit to North Korea in May.
Goldman Lloyd Blankfein to leave the office this year
Wall Street Journal writes, Lloyd Blankfein, the CEO prepares to leave the company by the end of this year. The share prices of GS fall initially but reverse its losses and climb 1.21%. There are two candidates, co-chief operation Harvey Schwartz and David Solomon which is the target of promotion. Both of them promoted to the co-chief operation in December 2016.
Asian & European Stock market
Asian stock market rejoices on accepted invitation by President Trump to visit North Korea. Nikkei up 101.13 points (+0.47%) to 21,469.20, Shang Hai Composite up 19.23 points (+0.58%) to 3,307.64 and Australia ASX 200 up 20.30 points (+0.34%) to 5,942.90. European stock market Finished higher. DAX Germany down 8.89 points (-0.07%) to 12,346.68, FTSE UK up 21.27 points (+0.30%) to 7,224.51, and Euro STOXX 600 up 1.62 points (+0.43%) to 378.24.
Bitcoin falls below $9,000, declined almost 25% for the week. The cryptocurrencies currently traded at 8,738.39. On Wednesday, Mt.Gox Trustee announced sales of bitcoin after the prolonged debacle over the bitcoin exchange shut down. On 2014, Mt. Gox the bitcoin exchange froze all transaction and filed bankruptcy protection from creditors.
In the court document filed, the trustee mentioned the sale of roughly $400 million in bitcoin and plans for further sale.
U.S dollar index erases its gain today after the gain of job data offset by lower wage growth. Overall the index set to close higher this week up from 89.98 to close above 90.00.
Japanese Yen slipped on North Korea – U.S planned meeting. The decline of Yen seen as easing tension between Japan and North Korea.