Skip to content Skip to footer

U.S. Private Payrolls Leave Inverstors Hopeful for a Blockbuster Jobs Day, Gas Prices Reach New Highs & Bitcoin Climbs to 5-month High

U.S. Private payrolls increase prior to NFP report

Days before this month’s non-farm payrolls announcement, it was reported that private payrolls in the United States unexpectedly rose.

Figures from the ADP national employment report showed that Private payrolls rose by 568,000 jobs last month, up from 374,000 in August.

Markets had forecasted that payrolls would increase by 428,000 jobs in September, however with numbers surpassing expectations, many are now hopeful for a blockbuster jobs day on Friday.

The Federal Reserve has hinted that they will begin tapering QE measures, providing employment growth continues, with today’s figures boosting the chances of this starting.

💡 What is tapering?
Tapering refers to policies that modify traditional central bank activities. Tapering efforts are primarily aimed at interest rates and at controlling investor perceptions of the future direction of interest rates. Tapering efforts may include changing the discount rate or reserve requirements.

Despite starting the day lower, the S&P 500 recovered to close 0.41% higher, with GBPUSD having its worst day in the last 5 sessions.

FTSE 100 lower as gas prices reach new highs

In the United Kingdom, the FTSE 100 closed 1.15% lower on Wednesday, as Gas prices continued to surge, hitting new highs in the process.

The price of UK Gas, which was at 60 pence to start the year, was up by close to 40% in the last 24-hours, trading above £3 per therm.

So far, the rise in prices, in particular for energy companies buying wholesale, has seen several of these operators go out of business, as the struggle to adjust to the inflationary costs.

Globally, prices have risen due to a surge in demand, in particular from Asia, which is having its own crisis in particular with coal.

💡 Coal crisis in Asia
Supply of coal within China slowed in recent weeks, as the country heads into winter, with the country’s electricity council stating that it will pay, “any price to ensure heating and power generation in winter”.

There have been numerous bottlenecks in the supply of coal and other energies in recent months, leading to prices of these commodities trading at multi-year highs. In Europe, the price of coal has risen to a 13-year high, with Australian coal surging by as much as 250% within the last year.

Russian leader, Vladimir Putin, today opened the possibility of producing more Gas to help calm markets.

Speaking to ministers, Putin stated that, “We are ready to work on this, and we would like such work to be based on an absolutely commercial basis”.

Bitcoin climbs to 5-month high

Prices of the world’s largest cryptocurrency rose for a fifth consecutive session, as investors continued to push prices higher.

BTCUSD hit an intraday high of $55,399 in today’s session, which is its highest level since May 12th.

Bitcoin is now just over $10,000 away from its record high, which it hit in April, before selling off due to Tesla and Elon Musk moving away from the coin.

💡 Yesterday Bitcoin passed 50k, what caused the price movement?
Bitcoin prices rose above $50,000 in today’s trading session, as the SEC delayed approval of a BTC ETF product.

Many, including Bloomberg Analyst Eric Balchunas, believe that the chances of approval are close to 75%, despite the SEC opting to conduct further diligence before giving the green light.

Since then, markets had mainly consolidated, and many believed that further weakness would come, especially as China moved to ban all crypto trading.

However, a week since this decision was made, prices have only surged, with some believing that we may soon see new record highs.

“Markets can remain irrational longer than you can remain solvent.”

– John Maynard Keynes

Eliman Dambell

Senior Market Analyst


Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.