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Employment report Friday. Yawn.

| Posted by: Paul Donovan | Tags: Paul Donovan

  • It is employment report Friday in the US, but it is getting a little difficult to get excited about this. We know the US is at full employment. We know the Federal Reserve does not want unemployment to decline further. We know the Federal Reserve will tighten further this year. What is one set of unreliable data points going to add to the story?
  • The UK offers industrial and manufacturing production – not really that important to markets, but manufacturing punches far above its weight in the riding discussions about leaving the EU. UK manufacturing productivity is OK. German industrial output was strong.
  • The G20 meets with German Chancellor Merkel apparently prioritizing spin above substance. A unanimous statement is Merkel's overriding objective, which means that any statement will be devoid of anything meaningful (it is obvious there is no unanimity amongst the G20).
  • The Saudis expressed "deep surprise" that Qatar rejected their demands. Everyone else is deeply surprised that the Saudis are deeply surprised. US President Trump's attempts to get a UN statement condemning the North Korean missile test appear to have failed.