- Australia employment surprises on the strong side again. A 25K jump in jobs builds on the 460K jobs created in an uninterrupted sequence of increases since November 2006.
- Contrast with weak New Zealand jobs report. Employment fell 1.3% in Q1, the biggest quarterly drop in almost 20 years. Unemployment rate rose from 3.4% to 3.6%, Q4 jobs growth revised down.
- Risks of higher inflation in Sweden, more chance of a rate hike than cut in 2008 – Riksbank’s Oberg (hawk).
- Other Data Watch – German industrial production down 0.5% m/m, in line with expectations, manufacturing output slightly stronger, down just 0.2% m/m. Norwegian and Swedish industrial production both disappoint.
- Media watch: Europe and US unite on dollar rise [FT front page lead]; Council of Economic Advisers Chairman Lazear sees no recession for U.S. economy [WSJ];
Overnight Market News - 5/8/08
May 8th, 2008 · No Comments
Tags: Global Fundamentals
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