Top market movers last week 31

Speculation on Fed, ECB actions
Until US jobs reports came out on Friday, the dominant market mover was the daily market sentiment about what these two central banks would do to help two of the largest economic regions.

After the recent US GDP beat eliminated chances for significant new stimulus, hopes mostly focused on the ECB.

Markets were up when they believed the ECB would take major action, and down when they thought it wouldn’t.

Draghi’s remarks disappointed and drove markets lower on Thursday.

On Friday, some noted positives, which helped the Friday market rally.
The US jobs reports
Markets focused on the overall positive data, including:

  • Non-farms payrolls up 160K. The consensus was 100-120K.
  • Unemployment rate went up from 8.2 to 8.3. The rise is not as bad as it appears, as the increase came from a rounding error.
  • Private payrolls shot up 171K vs. the 110K forecasted.


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