Focus with back in more job cuts in the wake of a record loss. Lets get you started with breaking news out of south korea. The Unemployment Rate for the month of may, coming in at 4. 5 , much higher than economists had expected. 392,000 jobs were lost in may from a year earlier. 4. 5 would be the highest level since 2001. This would be the adjusted jobless rate. We have seen losses of jobs when it comes to the hospitality, retail, and manufacturing sectors. Pressured because of weakness in global demand. There was some positivity over easing social distancing. For the month of may, it seems the Unemployment Rate has jumped in april, the. 8 highest level since 2001. Theing us for more is jpmorgan chief economist. Great to have you with us. That seems to be much higher than expected. His it just the is it just the tip of the iceberg given that we are expecting external demand to continue to be weak for the time being . Good morning. Yes, that number is higher than our expectations, indee
Dollar is mostly higher against some of these currencies. The kiwi and the aussie which were the early outperformers seem to be also moving some ground. The aussie certainly has had a relentless rally. Take a look at what has been driving the sentiment here today. The likes of oil. After six straight weeks of gains, this rally seems to be taking a bit of a pause. You take a look at brent, still hovering around 42, 41. New york crude around 39. 52. We are watching the likes of the u. S. Tenyear. We have surged to a high on the jobs report for friday. We are backing off from the fed when they take the stage later this week. The yield curve is one of the steepest in three years. Expect it to steepen further from here. Chinas trade surplus surged to a record in may as exports fell left and inspected. Helped by an increase in medical related sales per lets get more on this story from selina wang in beijing. What is the context between the trade surplus . The numbers were much better than th
We are also watching currency, the dollar has been the big story this week. The euro as well as its counterpart. We are taking a pause from the rally after the ecb, but if we see a gain today, that would take that streak for the longest in 16 years of nine days straight. So far it is flat. Flirting withlar . 70 for the first time this year. The dollar weakening across the board with the exception of the yen. Dollaryen, and offshore hovering. We are watching the bond markets as well. The mliv question is, the yields we are seeing, will they disrupt the equity rally . The u. S. 10 year after the u. S. Jobless numbers that fell again, treasuries ing the worst brent slipping after they did extend cuts after a breakthrough with iraq. Tom the European Central bank did put its money where its mouth is, announcing a bigger than expected increase in emergency bond buying, responding to what it calls the unprecedented contraction in the euro area economy. Kathleen hays has the story. What is dri
Postvirus recovery. Banks leading the s p 500 to a three month high. Level since highest early march and hopes opecplus will eventually rebalance the market. However, divisions are showing among reducers. Producers. Shery lets get a check on how markets are trading. We are seeing some pressure from u. S. Futures, down slightly as we saw the extension of the rally on the s p 500 now at that three month high. Of course we had a report indicating that a recovery it was underway for global airlines. Led bowling higher boeing higher. As. Airline shares surging passenger flights are suspended from Chinese Airlines. 500 and now the 14 day rsi around 59, the highest since january. Optimism right now over and economic recovery. Take a look at what oil is doing. Wti under pressure. We have seen uncertainty over the opecplus deal. We got ape limit every deal to extend output by one month but there is still issues over cheating on output. Saudi arabia and russia drawing a hard line over compliance
Especially cation in the White House National nurses day is a moment to one of the people on the front lines of the pandemic. Dont trump is here to say thank you and sign a declaration well that messages go to look here laurie as he turns to the press a Reporter Asks a question about the economy in his own so trump turns his fire on china framing the spread of the coronavirus like a military attack this is one of the worst attacks weve ever had this is worse than pearl harbor this is worse than the World Trade Center theres never been an attack like this. And it should have never happened could have been stopped at the source could have been stopped in chota it should have been stepped right at the source. And it wasnt of course were all used to donald trump mouthing off thats his trademark but this is important this mass is to all of us whether you live here in the. Europe or anywhere in the world the 2 most powerful countries on earth a slipping deeper and deeper into a profound form