Rolling coverage of the latest economic and financial news
- Introduction: Car sales dropped last month, preliminary data shows
- German factory orders jump, thanks to shipbuilding demand
- UK labour crisis could last up to two years, CBI warns
European stock markets have opened higher, as investors conclude that Friday’s bad US jobs report is good news for asset prices.
In London, the FTSE 100 is up 0.5% or 36 points at 7174.
“A major miss from the US unemployment reading has had the ironic impact of reducing investor jitters.
The Delta variant, as largely expected, has continued to impact new job openings, particularly in the areas of hospitality and retail. At the same time, there may be a reluctance for some potential workers to seek employment until the variant subsides. The non-farm payrolls figure of 235000, as compared to the expected consensus of 750000 was below even the lowest of estimates and is further proof that the strength of the US recovery may plateau until normal service can be resumed in society.
Related: US adds just 235,000 jobs in August as Delta variant spreads
German factories have seen an unexpected surge in orders, boosted by strong overseas demand for major goods such as ships.
#Manufacturing in July 2021: new orders up 3.4% on the previous month https://t.co/WErqmik7jL pic.twitter.com/FMqYE80mCf
German factory orders surged in July thx to big ticket orders, while core orders remained about flat at historically high levels. Real news is the 1.9% m/m jump in turnover suggesting that industrial production will surprise to the upside of consensus (0.7% m/m vs. 1.5% OE). https://t.co/EqHLA1vKei pic.twitter.com/jWxLerELj1
“The development in Germany is disappointing: the order books are still well filled and the order backlog is high.”
“Due to a lack of materials and primary products, there are considerable difficulties in processing orders.”
German factory orders boosted by foreign demand for shipshttps://t.co/bfKNymvMNp via @jrandow pic.twitter.com/SAyKgXNfrC
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