US stocks hold at record levels after employment report

US stocks held at all-time highs as a report showed companies hired fewer workers than forecast while the jobless rate dropped to a six-year low. The S&P  500  Index  added  less  than  0.1%  to  2,031.92.  The  Dow  Jones Industrial Average climbed 19.46 points (0.1%) to 17,573.93.

US payrolls rise as jobless rate drops to six-year low

Unemployment fell to 5.8% in October (5.9% in September) and employers added more than 200,000 jobs  to payrolls for a ninth month.  Employment rose  by  214,000  workers  in  October  following  a  256,000  September increase that was larger than initially estimated. Median forecasts surveyed by Bloomberg called for an increase of 235,000 in nonfarm payrolls.

Yellen supports bond buying to European Central Bankers

Federal  Reserve  chairwoman  Janet  Yellen  said  central  banks  must  do whatever it takes if governments won’t use the public purse to invigorate economies struggling  with low  growth  and  below-target  inflation.  “Central banks  need  to  be  prepared  to  employ  all  available  tools,  including unconventional  policies,  to  support  economic  growth  and  reach  their inflation targets,” she said.

German industrial production rises less than economists forecast

German  industrial  production  rebounded  less  than  analysts  forecast  in September,  signaling  that  Europe’s  largest  economy  is  struggling  to recover.  Production,  adjusted  for  seasonal  swings,  rose  1.4%  in September (revised contraction of 3.1% in  August), the Economy Ministry said. Median forecast surveyed by Bloomberg called for a 2% increase.

Xi dangles US$1.25trn as China counters US refocus

President  Xi  Jinping  sought  to  counter  US  efforts  aimed  at  boosting influence  in  Asia  by  flexing  China’s  economic  muscle.  Xi  said  outbound investment  will  total  US$1.25trn  over  the  next  10  years,  500m  Chinese tourists will go abroad, and the government will spend  US$40bn to revive the ancient Silk Road trade  route between Asia and Europe.  “As China’s overall national strength grows, China  will be both capable and willing to provide more public goods for the Asia Pacific and the world,” Xi said.

China exports bolster economy as external demand strengthens

China’s  exports  rose  more  than  estimated  in  October,  signaling  foreign demand  may  help  sustain  an  economy  forecast  to  grow  at  the  slowest pace  since  1990.  Exports  increased  11.6%  yoy  in  October  (15.3%  in September),  exceeding  the  10.6%  median  estimate  surveyed  by Bloomberg News.

Philippine central bank sees steps cooling property risk

Steps  taken  this  year  by  the  Philippine  central  bank  will  be  enough  to damp  risk  in  the  domestic  property  sector,  Bangko  Sentral  ng  Pilipinas Governor Amando Tetangco said.  Measures to tighten policy and cool the real  estate  sector  have  provided  banks  with  “clear  enough  guidance  to help them better appreciate the risks of their lending activities,” he said.

Oil rises as US jobless rate declines to six-year low

WTI  and  Brent  oils  increased  after  US  employment  gains  exceeded 200,000 for a ninth month and the  jobless  rate dropped to a six-year low. Brent for December settlement gained US$0.53 to US$83.39 a barrel.

Source: Bloomberg