“The US jobs figures couldn’t have delivered better news for Wall Street. The term “Goldilocks” has been well used today but it’s on the money – not too hot, not too cold. Enough new jobs to confirm the economy is on a roll, enough jobless to give the Fed’s current strategy a warm hug. If investors in the US were after a pre-holiday weekend treat, they were definitely not disappointed.
“In London there was a slightly less celebratory mood, perhaps investors are distracted by the weekend of sport that lies ahead. The more domestic focussed FTSE 250 was the more successful of the two big indices today and those hospitality businesses among their number will take heart that the biggest job creation in the US has come from their sector and the US is slightly further along the recovery road.
“The week has been something of a roller coaster and the rest of the month looks set to remain turbulent beginning with the wait for a decision on oil production from OPEC+ which is still in the balance. Recovery is hard, it comes with a great number of changes which will be painful for some and profitable for others. Change is gonna come and it’s coming quickly.”