Investors will watch for reaction to the overnight U.S. jobs print, where nonfarm payrolls surged by 4.8 million in June, according to the U.S. Labor Department. The figure smashed expectations by economists surveyed by Dow Jones of a 2.9 million increase in jobs created. The unemployment rate dropped to 11.1%, lower than the 12.4% forecast by economists surveyed by Dow Jones.in the week ending June 27. Economists polled by Dow Jones expected initial U.S. jobless claims to rise by another 1.
National Australia's Bank's Rodrigo Catril wrote in a note that the nonfarm payrolls and jobless claims data "delivered contrasting images" of the state of the US labor market. "While June data reflected a big improvement in the US labour market, the recent sharp acceleration in new virus cases plus the prospect of an end to unemployment benefits by the end of July are two big layers of uncertainty," Catril said. Numerous states in the U.S. have paused or reversed plans to ease restrictions as new coronavirus cases spiked countrywide.
Looking ahead, a private survey of China's services sector activity for June is expected on Friday, with the Caixin/Markit services Purchasing Manager's Index set to be released around 9:45 a.m. HK/SIN.
Narrator: but the jobs report was kinda bullshit.
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