NEW YORK, May 7 — European and Wall Street stocks mostly fell yesterday following another round of poor economic data that sets the stage for what is expected to be a miserable official US jobs report later this week. The grim tone worsened after the European Commission predicted the...
The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York March 9, 2020. — Reuters pic
Official data showed German manufacturers’ new orders plunged by a record 15.6 per cent in March, while payrolls firm ADP said the US private sector lost a staggering 20.2 million jobs last month, setting a dark scene for tomorrow’s official employment report. British Prime Minister Boris Johnson said he could begin to ease a nationwide coronavirus lockdown next week, while Belgium is to open shops on Monday.
“As the macro indicators become more of a factor, that’s going to create a bit of hesitancy on the part of the investors,” Cardillo added.Markets are girding for tomorrow’s US employment report, which is set to make history as the worst single-month job loss ever. The consensus forecast indicates the US lost 21 million jobs and unemployment ballooned from 4.4 per cent to 16.2 per cent, but some economists are forecasting a worse result.
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