Risk assets were helped late last week by better-than-expected employment numbers from the US. Non-farm payrolls advanced 213,000, with upward revisions for the last two months also released. The participation rate also moved unexpectedly higher, which moved the unemployment rate to 4.0% from 3.8%. Wage growth came in slightly under forecast and remains at an annual rate of 2.7%.
- There was no last minute deal between the US and China as the first round of tariffs was implemented on Friday morning. The US imposed sanctions covering $35bn worth of goods with the Chinese vowing to retaliate. Whilst not a huge sum economically, the tariffs have the potential to have a large symbolic effect on relations between the two countries.
- Theresa May is under further pressure in Westminster this morning after Brexit Minister David Davis resigned following a perceived softening in the UK’s position.
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