The whisper number of big payrolls miss was right, with only 103K jobs added in March, after an upward revised 326K in March. However, virtually all of the miss was due to bad weather as 159K were "unable to work due to bad weather."
The BLS will release the March Payrolls Report on Friday at 0830EDT: consensus expects a 185K increase in payrolls and a 0.3% rise in average hourly earnings on a monthly basis. Here's what else to look for in the report.
"How does one solve a problem of too much debt when bond restructurings and haircuts are no longer palatable? Inflation. Thus, without convincing signs of it soon, the risk becomes that markets pivot to feeling uneasy about the world’s debt sustainability."
In recent months, much has been written about the threat of financial relocations but which companies have actually followed through with the threat and announced they will shift staff abroad?
According to MS, all US-listed ETFs (Equities & Fixed Income) have seen over $6Bn of outflows over the past week, "so this feels much less like a rotation and much more like money being taken out of the market."
"The issue with speculator money is they can come in and drive prices up and once they see signs of something happening, they quickly leave and drag prices down."
While there may have been some confusion whether it was Swedish or Swiss, there was nothing confusing about the precise price where Spotify broke for trading: at precisely 12:43pm the first trade crossed at $165.90, valuing the company just shy of $30 billion.
Global trade concerns and the "tech wreck" remained the focus as European markets reopened from Easter break, however the selling turmoil that sent the Dow tumbling as much as 700 points on Monday has eased off with S&P futures set for a gentle rebound.
"Stocks with high variable rate debt have recently lagged in response to the move in borrowing costs. These stocks should struggle if borrowing costs continue to climb."
