Saturday, 08 Aug 2020 07:36 AM MYT
The monthly US non-farm payrolls market report had been eagerly awaited as the first important indication of how a recent surge in infections that has sparked a second round of business closures has affected the economy. However that still leaves the unemployment rate at slightly worse than the depth of the global financial crisis in October 2009 and fewer than half of the 22 million payroll jobs lost during the pandemic have been regained.
The US jobs data boosted the dollar, but equity indices were mixed with the Dow and S&P 500 edging higher and the Nasdaq retreating from a streak of four straight records.Investors were also monitoring escalating friction between Washington and Beijing. Yesterday, the United States slapped sanctions on Hong Kong’s top leader in the wake of a new Chinese security law imposed on the city.
Shares in WeChat parent Tencent sank 10 per cent at one point in Hong Kong before ending down almost 6 per cent.
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