On the eve of tomorrow’s Non-farm payroll, the release of weekly initial Jobless Claims provided some insight into the state of the U.S. jobs market.
After ADP payrolls rose more than expected yesterday, it was revealed that Jobless Claims rose, but less than expected.
Figures from the Labor Department showed that Initial claims for state unemployment rose to 745,000 for the week ending February 27th.
This was an increase from the previous release, where claims were at 736,000, despite this increase, claims were below market expectations of 750,000.
Despite this result, the S&P 500 continued its losing streak, trading 0.57% lower as of writing.
Oil hits 1-year high as OPEC+ meet
Oil price rose for a second consecutive day on Thursday, as OPEC and its allies which includes Russia met to discuss output.
After several curbs in the last year, prices have risen to pre-pandemic levels, with the cartel now debating whether to continue this path or ramp up production.
Saudi Arabia who we reported cut close to 1 million barrels per day in February have urged members to remain on this path.
However, Russia believes that the time may have come to increase output, to compensate for the dismal demand last year.
As of writing, WTI and Brent have both reached their highest level since January of last year, trading at $64.75 and $68.20 respectively.
Amazon backed Deliveroo set to go public
Food delivery giant Deliveroo today announced that it will be going public later this year and will be doing so in London.
In a boost to the FTSE 100, Deliveroo CEO and Founder Will Shu believe that remaining in London will be the best move for the company.
He stated that, “Deliveroo was born in London, this is where I founded the company and delivered our first order. London is a great place to live, work, do business and eat. That’s why I’m so proud and excited about a potential listing here”.
Amazon owns 16% of Deliveroo, after receiving approval from Britain’s Competition and Markets Authority to invest in the start-up last year.
This move could boost the prospect of more start-ups looking to remain in London in a Post-Brexit world.
Quote of the day – “Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions.”– Jack Schwalger
Senior Market Analyst