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Commentary for 6/5/2020

Daily Comments 06.05.20

All eyes were focused on this morning’s U.S. jobs reports. Asian markets were higher. The Nikkei 225 rose +0.74% and the Shanghai Composite added +0.40%.
The FTSE jumped +2.25%, ending at 6,484, the DAX soared +3.36% to 12,847 and the Stoxx 600 gained +2.48% to 375. 10-yr Bunds yield -0.28%.
April Consumer Credit fell 19.5%. May Nonfarm Payrolls ROSE by +2,509K, the Unemployment Rate fell back to 13.3%, the Average Workweek expanded to 34.7 hours, Average Hourly Earnings jumped +3.8%, and the Workforce Participation Rate rebounded to 60.8%. Baker-Hughes reported that the U.S. oil rig count for 05/29 fell 17 to 284.
10-Year Notes yield 0.90%. The June US$ Index jumped to 96.905. June gold plunged to $1,679.60. July crude soared +5% to $39.30.
The jobs data was a SHOCKER! Here are the numbers from “May nonfarm payrolls: +2.5M vs. -8.00M consensus and -20.7M previous (revised from -20.5M). Unemployment rate: 13.3% vs. 19.7% consensus and 14.7% previous.” All the financial markets immediately went to “risk on” mode, with stocks soaring (NQ at ATH) and Treasury yields rising. The ES jumped out of the gate and closed strong.

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