- European equities close mixed
- NFP figures weaken for the second consecutive month
- WTI oil price jumped above $80.00 per barrel
European indices finished today's volatile session in mixed moods but they still marked their best week in two months as fears of soaring inflation were tempered at least for now. DAX ended the week 0.4% higher after closing at a 5-month low on Wednesday. Considering Friday only, German DAX, French CAC 40 and Spanish IBEX fell while British FTSE 100 and Italian FTSE MIB finished higher.
US stocks oscillated between gains and losses on Friday with the S&P 500 headed for a winning week as optimism about a short-term debt ceiling deal overshadowed a disappointing Payrolls report. Washington reached a deal to raise the debt ceiling into December, while the NFP report showed that the US economy added just 194k jobs in September, well below market projections of 500k. However, the unemployment rate fell to 4.8%, which is the lowest level since late 2016. The yield on the benchmark US 10-year Treasury jumped above 1.6%, the highest in 4 months which put pressure on tech stocks. Next week will also be busy as the earnings season kicks-off.
The Canadian dollar fell below 1.25 against the greenback following better-than-expected employment figures. The Canadian economy added a net 157k jobs, largely above analysts' estimates of a 65k increase, exclusively on the back of full-time employment.
WTI crude price broke above $80 a barrel for the first time since November 2014 and is on course for an over 5% weekly gain, its seventh consecutive week of gains and the longest winning streak since December 2013. Elsewhere, precious metals rose after publication of the NFP report, however buyers failed to uphold momentum and prices pulled back. At the end of the session, gold gains 0.20% higher, while silver rose nearly 1%.
In the cryptocurrency market, we saw a slight correction today, digital currencies did not react at all to today's data from the US labor market. At the end of the day, Bitcoin is trading slightly lower, while Ethereum is losing around 0.5%. Smaller altcoins are losing slightly as well. TEZOS is one of the worst performing cryptocurrencies during today's session as it drops 5%.
OIL.WTI - bullish momentum prevails on the oil market. Despite the withdrawal observed in recent hours, today the price of this commodity reached its highest level since November 2014. Technically looking at the H4 interval, the 77.00 -76.50 zone remains the key support, which is marked with the lower limit of the 1: 1 structure, as well as earlier price reactions. Source: xStation5
