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Friday’s Payroll Reports Results Better Than Expected, Elon Musk Threatens Twitter Deal & PM Johnson’s “No Confidence” Vote

U.S. indices higher, following Friday’s better than expected payrolls

Indices in the United States were trading higher on Monday, as traders rallied behind the better-than-expected NFP report.

Last Friday’s payrolls were initially projected to come in at 325,000, however soared to 390,000 for May.


source: tradingeconomics.com

April’s figures were also revised higher, and now show an addition of 436,000 jobs to the U.S. economy.

U.S. indices were mainly lower on Friday, however, have returned to the green to start the new week.

As of writing, the S&P 500 was 0.70% higher.

Twitter stock down as Musk threatens to “walk away”

Shares in Twitter were lower in today’s session, as Elon Musk threatened to walk-away from his takeover bid, due to a lack of disclosure from the company.

In recent weeks Musk has made it public he has requested details on the percentage of “bots” using the platform, however, has yet to receive a credible reply.

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The letter from his lawyers stated that, “Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data.”

Musk made his desire to purchase the company public in recent months, however, there have been multiple complications along the way.

$TWTR is down 2.22% as of writing this.

FTSE 100 higher, as PM Johnson receives “no confidence” vote

London’s FTSE 100 closed higher on Monday, despite the Prime Minister Boris Johnson receiving a no-confidence vote.

Members of the conservative party triggered the vote following the “Partygate” report, which showed that the PM had broken his own lockdown rules.

In order to trigger the vote, 15% of Conservative party members must issue a vote of no-confidence.

Although the vote was held last week, it was only published today, due to the Queen’s Jubilee celebrations.

The FTSE 100 closed 1% higher despite this news.

 “A handful of men have become very rich by paying attention to details that most others ignored.”

-Henry Ford.

Eliman Dambell

Senior Market Analyst