In a report, the U.S. Department of Labor said non-farm payrolls rose to a seasonally adjusted 236K, from 119K in the preceding month whose figure was revised down from 157K.
Analysts had expected U.S. non-farm payrolls to rise 160K last month.
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Friday, 8 March 2013
U.S. non-farm payrolls rise more-than-expected
In a report, the U.S. Department of Labor said non-farm payrolls rose to a seasonally adjusted 236K, from 119K in the preceding month whose figure was revised down from 157K.
Analysts had expected U.S. non-farm payrolls to rise 160K last month.
U.S. futures higher ahead of jobs data; Dow Jones up 0.38%
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.38% increase, S&P 500 futures signaled a 0.30% rise, while the Nasdaq 100 futures indicated a 0.17% gain.
Stocks were boosted after official data showed that China's trade surplus narrowed less-than-expected in February, falling to USD15.3 billion from a surplus of USD29.2 the previous month. Analysts had expected the trade balance to fall into a deficit of USD8.8 billion last month.
Sentiment also improved after the Department of Labor said on Thursday that the number of individuals filing for initial jobless benefits fell by 7,000 to a seasonally adjusted 340,000 last week, compared to expectations for an increase of 8,000 to 355,000.
The upbeat data fuelled optimism over a recovery in the U.S. labor market.
The tech sector was expected to be active, amid reports Google's Motorola Mobility unit is preparing to cut another 1,200 jobs or 10% of its workforce, as the smartphone maker tries to return to profitability.
Google shares were up 0.23% in pre-market trade.
Separately, a judge ruled on Thursday that Apple must show in detail how it’s complying with court orders to turn over evidence in a privacy lawsuit, sending shares in the iPhone maker down 0.09% in early trading.
According to Bloomberg, U.S. Magistrate Judge Paul S. Grewal in San Jose, California, issued the order after the plaintiffs’ lawyers claimed Apple withheld documents it had previously been ordered to produce.
Insurers were also likely to be in focus, after American International Group said it will redeem USD1.1 billion of debentures as the company seeks to reduce debt before reinstating a dividend.
AIG shares edged up 0.21% pre-market.
Elsewhere, Pandora Media soared 26.17% in early trading, after posting stronger-than-expected quarterly results. The company also said CEO Joseph Kennedy is stepping down in a surprise announcement.
Other stocks in focus included Ann Taylor and Foot Locker, due to report earnings later in the day.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 jumped 0.97%, France’s CAC 40 advanced 0.82%, Germany's DAX climbed 0.59%, while Britain's FTSE 100 added 0.23%.
During the Asian trading session, Hong Kong's Hang Seng Index rallied 1.41%, while Japan’s Nikkei 225 Index surged 2.64%.
Later in the day, the U.S. was publish government data on nonfarm payrolls and the unemployment rate, as well as data on average hourly earnings.
Forex - GBP/USD edges higher after U.K. data, but gains capped
GBP/USD hit 1.5034 during European morning trade, the session high; the pair subsequently consolidated at 1.5027, edging up 0.08%.
Cable was likely to find support at 1.4968, Thursday's low and resistance at 1.5154, the high of March 6.
The Bank of England said that consumer inflation expectations ticked up to 3.6% in the fourth quarter, from 3.5% in the previous quarter.
The report came after Bank of England policymakers voted on Thursday to leave interest rates on hold at a record low 0.5% and keep the size of its asset purchase program unchanged at GBP375 billion.
Concerns over the outlook for the recession hit U.K. economy have weighed heavily on sterling so far this year and bolstered expectations for more quantitative easing by the BoE.
Meanwhile, the greenback remained supported after the Department of Labor on Thursday said that the number of individuals filing for initial jobless benefits fell by 7,000 to a seasonally adjusted 340,000 last week, compared to expectations for an increase of 8,000 to 355,000.
The upbeat data fuelled optimism over a recovery in the U.S. labor market.
Sterling was higher against the euro with EUR/GBP slipping 0.19%, to hit 0.8714.
Later in the day, the U.S. was publish government data on nonfarm payrolls and the unemployment rate, as well as data on average hourly earnings.
Dollar mixed vs. rivals, U.S. jobs data in focus
The U.S. dollar was mixed against the other major currencies on Friday, as investors awaited the release of highly anticipated U.S. jobs data later in the day, while Thursday's remarks by European Central Bank head Mario Draghi mildly supported sentiment. During European early afternoon trade, the dollar was lower against the euro, with EUR/USD adding 0.10% to 1.3122.
The single currency came under pressure after official data showed that industrial production in Germany was flat in January, disappointing expectations for a 0.5% rise, after a 0.6% increase the previous month.
Sentiment on the euro remained mildly supported however, after ECB President Draghi said monetary policy will remain firmly accommodative and added that confidence was returning to financial markets.
Speaking at the ECB’s post-policy meeting press conference, Draghi said policymakers discussed a rate cut but the "prevailing consensus" was to leave interest rates unchanged at 0.75%.
The greenback was also lower against the pound, with GBP/USD edging up 0.10% to 1.5030.
Earlier in the day, the Bank of England said that consumer inflation expectations ticked up to 3.6% in the fourth quarter, from 3.5% in the previous quarter.
The report came after BoE policymakers voted on Thursday to leave interest rates on hold at a record low 0.5% and keep the size of its asset purchase program unchanged at GBP375 billion.
Elsewhere, the greenback was sharply higher against the yen, withUSD/JPY advancing 0.84% to trade at 95.63, and little changed against the Swiss franc, with USD/CHF dipping 0.01% to 0.9425.
Official data earlier showed that consumer price inflation in Switzerland rose 0.3% in February, in line with expectations, after a 0.3% decline the previous month.
In Japan, the Cabinet Office said the country's gross domestic product was flat in the fourth quarter, in line with expectations, following a 0.1% contraction in the previous quarter.
The report came after data showed that Japan's current account surplus rose unexpectedly to JPY0.36 trillion in January from a surplus of JPY0.11 trillion the previous month. Analysts had expected the current account surplus to remain unchanged in January.
The greenback was steady to higher against its Canadian, Australian and New Zealand counterparts, with USD/CAD adding 0.17% to 1.0311,AUD/USD inching 0.01% lower to 1.0268 and NZD/USD easing 0.01% to 0.8283.
The export-linked currencies found support earlier, after official data showed that China's trade surplus narrowed less-than-expected in February, falling to USD15.3 billion from a surplus of USD29.2 the previous month. Analysts had expected the trade balance to fall into a deficit of USD8.8 billion last month.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.03% to 82.15.
Later in the day, the U.S. was publish government data on nonfarm payrolls and the unemployment rate, as well as data on average hourly earnings.
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