NAB – The Morning Call · Roaring back, a bit

Roaring back, a bit

Friday 3rd July 2020

US stocks rose higher still overnight, helped on by the latest non-farm payroll numbers. NAB’s David de Garis says there was such a wide range of estimates for the jobs numbers that someone was bound to be right, but 4.8 million new jobs in June was seen as a very good sign ,with the President declaring that the economy was roaring back. Meanwhile Florida recorded more than 10 thousand new COVID-19 cases on Thursday, the worst yet, and the Congress and Senate passed a bill to impose sanctions on financial institutions that are seen to be interfering in Hong Kong. That news tempered market enthusiasm, but not enough to totally offset the gains from the jobs numbers.

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