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Today’s Waves: Non-farm payrolls surpass expectations, Didi shares fall, DAX 30 rises

Non-farm payrolls surpass expectations

On Friday, Non-farm payrolls rose by more than expected, as the economic recovery in the United States continued to gain momentum.

As a result of the better than expected jobs day number, both the NASDAQ and S&P 500 recorded new all-time highs.

Figures from the Bureau of Labor Statistics showed that payrolls rose by 850,000 in June versus expectations of a 720,000 increase.

June’s number follows on from May’s increase of 559,000 jobs and comes as applications for state unemployment benefits dropped to their lowest levels since the pandemic, earlier this week.

As of writing the S&P 500 was trading 0.71% higher, with the NASDAQ up 0.78%.

Didi shares fall after China reports security concerns

A few days after Didi Chuxing made its debut on the New York Stock Exchange, the ride hailing company saw its shares fall, amidst cybersecurity concerns.

The Chinese government recently announced that it will be conducting a cybersecurity review of tech companies, restricting new users from registering for the service, until the review has been completed.

In response to the review, Didi said in a statement that it also will do likewise, stating, “We plan to conduct a comprehensive examination of cybersecurity risks, and continuously improve on our cybersecurity systems and technology capacities”.

Shares in the company fell by as much as 8% in today’s trading session and come a day after the 100-year anniversary of the Chinese Communist Party.

DAX 30 rises as Merkel relaxes UK travel restrictions

In Europe, the DAX 30 today climbed closer to an all-time high, as it was announced that Germany would be easing quarantine rules for fully-vaccinated Britons.

The German Chancellor made the comments on Friday, after meeting with British Prime Minister Boris Johnson for post-Brexit talks.

Merkel stated that, “I assume that in the foreseeable future those who have been vaccinated twice will be able to travel again without going into quarantine”.

The UK is said to be announcing its updated list of countries that Brits can travel to without needing to quarantine, with many European countries expected to be added. Germany’s DAX 30 rose 0.30% higher.

Quote of the day – “I get real, real concerned when I see trading strategies with too many rules (you should too).”

– Larry Connors

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