Futures down this morning on the back of a negative jobs report. August payrolls fell 4,000 and a 75k-110k gain had been expected.
Recession talk stemming from this data misses the mark. It’s likely that companies were simply more cautious with hiring given the credit crunch and market turmoil we experienced over the past few weeks. Or perhaps we are truly experiencing some level of slower payroll growth and thus lower economic growth. Yet the data does not seem to support any “doomsday” recession theorists.
Regardless, the silver lining is that the likelihood of the Fed cutting rates Sept 18th has now increased.
BZH down 7% on 10Q delay. BSC downgraded at BofA. NOK trading higher overseas on “large buyback” speculation.
Rockbay News: Aussie paper reports the BHP/RIO for RTP speculation has no merit, Dutch finance minister makes pro-RBS comments indicating he would not favor the Barclay’s bid more in order to keep ABN headquartered in the Netherlands, MLCO positive on NHY NO, shareholder vote on TXU today, DAI GY August sales rose 8.7%, KKR and bankers met last night on FDC, CITI positive but calls on APL to execute, CIBC cautious on FINL
Vito’s Advanced Trivia: What are the Canary Islands named for?
Yesterday’s Answer: The world’s tallest mountain is Mauna Kea, Hawaii, the bulk of which is underwater.