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Stocks Dip on Tepid Jobs Report, With Taper Still on Track

EQUITIES
  • Equity markets initially responded positively to the poorer-than-expected August jobs report, with the headline missing expectations by some distance: +235k vs. Exp. +733k. The theory that bad economic data would delay any tapering of asset purchases was short-lived though, with the data suggesting underlying wage pressures were still present.
  • Equity futures eventually settled lower, with the e-mini S&P off just over 5 points into the close. The S&P 500's financials sector led losses, with a bank names failing to benefit from the moderately steepening US sovereign curve.
  • Across Europe, indices all closed solidly lower, with the CAC-40 closing off over 1% to be the poorest performing core market. The UK's FTSE-100 was spared from the bulk of the losses, but still dropped 0.3%.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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