US NFP disappoints adding fewer jobs than August. Crude oil touches $80 a barrel

Published Sun 10 Oct 2021 23:39 by Market Analyst

Last Week Risers & Fallers:

Nasdaq Composite – The Nasdaq composite declined by 0.51% on Friday, closing at 14,579. The decline in major stock indices was due to the disappointing jobs report. Only 194,000 jobs were added in September versus the expected 500,000.

AstraZeneca PLC (Nasdaq: AZN) – AZN shares were up 0.93% for the week and gained 0.40% during Friday’s session. The stock is currently trading at $60.61.

Crude Oil WTI – Crude oil is trading at $75.59 per barrel. Crude oil reached $80 a barrel on Friday, the highest it has been since November 2014. Despite the increase in US oil inventories, global supply is under strain, resulting in price escalation.

EURUSD – The EURUSD pair gained 0.16% on Friday and is trading at 1.1569. The gain was due to a poor NFP report which meant a weaker USD.

Major events to watch:

UK (GBP): GDP (YOY) – Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. The last GDP reported 30 September was 23.6%, an improvement on the previous number and better than the forecast of 22.2%.

The report is due Wednesday 13 October at 08:00 GMT+2

USA (USD): Oil inventories – The weekly report on the change in the number of crude oil barrels held by US Firms. Crude oil inventory levels affect petroleum product prices which influences inflation. Last week’s change in levels increased by 2.346 million, worse than the forecast of -0.418 million barrels.

The report is due Thursday, 14 October at 17:00 GMT+2

USA (USD): Core Retail sales – Core Retail Sales measures the change in the total sales value at the retail level in the US, excluding automobiles. It is an important indicator of consumer spending. Retail sales is also considered an indicator for the US economic health. Retail sales increased by 1.8% in September, better than the forecast of -0.1%.

The report is due Friday, 15 October at 14:30 GMT+2