The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Asian markets tracked lower following Wall Street futures on Thursday after Nvidia's earnings report failed to meet the high expectations of bullish investors, despite surpassing revenue forecasts. Nvidia's shares fell nearly 7% in after-hours trading, leading to declines in other tech stocks and contributing to broader market softness.
Key Takeaways:
Nvidia's Impact on Markets: Despite strong revenue forecasts, Nvidia's results fell short of the high expectations set by investors, leading to a significant drop in its shares and a broader decline in tech stocks across Asia.
Market Reactions: Asian markets, including the Nikkei and South Korea's indices, experienced declines, while Nasdaq and S&P futures also dropped. Nvidia's contractor, TSMC, saw its shares slip, impacting the broader Taiwanese market.
Broader Economic Signals: The US dollar steadied, and Treasury yields remained stable, with investors closely watching upcoming US job reports and inflation data for signs of potential Federal Reserve rate cuts. Meanwhile, China’s economic concerns persisted, highlighted by UBS lowering its GDP growth forecast for 2024.
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