Friday, September 03, 2021
Uber competitor Didi in the plus
Weak job data depress the Dow Jones
Experts had hoped for more: The job data in the USA are significantly weaker than expected. Therefore, the leading index Dow Jones slipped slightly into the red at the end of the week. The leisure industry in particular seems to be coming under great pressure at the moment.
Rather disappointing data from the labor market stopped the record hunt on Wall Street for the time being. The US economy missed expectations in August with poor job creation. Experts assessed the stagnating development in the leisure sector and in the hospitality industry as particularly negative. The unemployment rate fell to its lowest level since the beginning of the Corona crisis, and wages rose much faster than expected in August.
The leading index Dow Jones lost 0.21 percent to 35,369.09 points. On a weekly basis, this means a minus of 0.24 percent. Of the S&P 500 closed on Friday barely changed at 4535.43 points after reaching a record high the day before. The technology-heavy one Nasdaq 100 however, it increased by 0.31 percent to 15,652.86 points.
“This labor market report will be the US Federal Reserve (Fed) cause headaches, “wrote Thomas Altmann from asset manager QC Partners. With job growth well below expectations and a low unemployment rate at the same time, it is difficult to work out a clear line with a view to the reduction in bond purchases that support the economy Rising wages, inflation remains a big issue. So far, at least the ultra-loose monetary policy of the Fed is still driving the stock markets.
The shares of the cruise companies Royal Caribbean Group and Carnival sagged at the S&P 500 end by more than four percent each. The shares of the amusement park operators Six flags and SeaWorld Entertainment fell by about three and a half percent each. The focus was also on fresh quarterly figures from two technology companies. The shares of the server and network service provider Hewlett Packard Enterprise lost initial profits of more than three percent almost completely and ended up with a plus of 0.6 percent. The papers of the second company, the chip company Broadcom, rose by a good one percent. Here Stacy Rasgon from Bernstein Research spoke of a solid quarter and a strong outlook for the last quarter of the financial year.
In addition, it went for the shares of the Chinese driver service broker and Uber competitor Didi up by a good two percent. According to media reports, Didi could soon be nationalized. For a few months now, a regulatory offensive for China’s tech stocks listed in the US has been a topic of conversation again and again.
Of the Euro had only benefited more significantly from the US job data in the meantime, but then fell back again and was most recently listed at 1.1876 U.S. dollar. The European Central Bank had previously set the reference rate at 1.1872 (Thursday: 1.1846) dollars. The dollar cost 0.8423 (0.8442) euros.
The ten-year futures contract Treasuries (T-Note-Future) fell 0.12 percent to 133.38 points. The return on ten-year government bonds was most recently 1.32 percent.
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