Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The US economy added 156,000 jobs in September — fewer than expected — and the unemployment rate unexpectedly ticked up on the back of increased labour force participation.
That said, the results were strong enough to indicate that the job market is still robust, with employers unable to find all the skilled workers they want to hire.
“No alarms, no surprises,” Thomas Simons, an economist at Jefferies, wrote in a note, adding that the Federal Reserve is still on track to raise interest rates before the end of the year.
“The lack of any ‘great’ or ‘terrible’ details of this report suggests it won’t do anything to move the needle for the Fed.”
- Average hourly earnings keep growing
- Labour force participation ticked up
- The Trump campaign released a statement on the jobs report: ‘The Clinton-Obama economy is failing’
- The jobs report may be masking a monumental change in the US labour market
Friday was also jobs day for Canada. That country’s economy beat analyst expectations, adding 67,200 jobs in September. But, while Canada’s report looks good at first glance,
the underlying numbers tell a different story.
Here are the top Wall Street headlines at midday
The Asia head of a $1.6 billion hedge fund is setting up a new shop with the backing of his boss — Keita Arisawa, who oversaw TPG-Axon Capital Management’s Hong Kong office, is in the early stages of setting up a new hedge fund with the backing of his boss.
The pound is officially all about politics — The British pound has had a dreadful few days.
Raoul Paul says Deutsche Bank isn’t Lehman Brothers — but there’s a bigger issue at stake — He says the Deutsche Bank example speaks to larger issues in the financial industry.
Qatar is not selling its stake in Deutsche Bank and might even buy more — Qatari investors who own the largest stake in Deutsche Bank do not plan to sell their shares and could consider buying more if the embattled German bank decides to raise capital.
Snap is working on an IPO for March that would value the company at $25 billion — Bankers say they have been courting Snap for months in anticipation of an IPO.
Snap’s IPO could be bigger than Google’s — The flotation would be one of the biggest in tech history.
Insurance stocks are surging as Hurricane Matthew bears down on Florida — Shares of insurance companies that are exposed to Florida are rallying on Friday, as Hurricane Matthew has yet to make landfall.
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