Rolling live coverage of business, economics and financial markets ahead of US non-farm payrolls data
Good morning, and welcome to our live coverage of business, economics and financial markets.
Is the US tech bubble bursting? Was it even a bubble in the first place? That is what appears to be on the minds of investors this morning, after a steep selloff among tech stocks last night on Wall Street triggered losses around the world this morning.
In New York, the Dow Jones Industrial Average fell 808 points, or 2.78%, after passing 29,000 for the first time since February on Wednesday. The S&P 500 was down 3.5% and the tech-heavy Nasdaq fell 4.9%.
Both the S&P 500 and the Nasdaq had set their latest record highs a day earlier, and the latter index is still up nearly 28% for the year.
In the new world, a market correction is expressed in wealth losses: 9bn for @JeffBezos and @elonmusk , only 3 for @BillGates — well drop in FAANG market cap = GDP of « Ça fait cher la frite » cc @PatrickKrizan
Our US economists here at Deutsche Bank are looking for a +1.2m increase in non-farm payrolls, which should push the unemployment rate down to 9.7% (versus 10.2% at present). If realised, that would bring the total gains in nonfarm payrolls since April to +10.5m, but even then it would still mean that less than half of the -22m jobs lost in March and April had been recovered, so this is likely to be a long journey yet.