Stock markets finished the week on a high, with the main U.S. market hitting a new record high. Confidence was abound as the non-farms payroll figure showed that 128,000 jobs were created in October, well above the 85,000 estimate from Wall Street. In another positive development, the September figure was also revised upwards.
There was also encouraging moves on the trade front, with U.S. Commerce Secretary Wilbur Ross stating that talks in relation to car manufacturing had been ‘positive’. In what is seen as a signal of support for markets, Saudi Arabia is moving forward with the listing of Aramco, the state owned oil producer. The listing could see the creation of the most valuable public company in the world, although it remains to be seen how much is available for sale, and at what price.
Finally, on the earnings front, over 80% of companies have reported and results have come in about 3% above expectations, helped by strong numbers from tech firms in particular. However, the year-on-year figure is showing negative growth for the first time since 2016, which is something to be aware of going forward. CLICK HERE