Deutsche Bank-DBDaily Solid beat on US payrolls-107441960

DeutscheBankEconomicsDateResearch8April2024DBDailyGlobalSolidbeatonUSpayrollsSolidbeatonUSpayrollsPhilOdonaghoeCAN:Employment(Mar):Down2.2k;U/erate:Up0.3ppsto6.1%.EconomistEMU:Retailsales(Feb):Down0.5%mom/0.7%yoy.+61-2-8258-1606DEU:Factoryorders(Feb):Up0.2%mom,down10.6%yoy,belowmkt.JPN:Householdspending(Feb):Down0.5%yoy,abovemkt.AUS:Tradesurplus(Feb):NarrowstoAUD7.28m,belowmktUSequitieswerestrongerFriday,S&Pbackup1.1%afterThursday'sfall,althoughstilldown1%overtheweek.US10yryieldsup9bpsFridayto4.40%,highestsinceNovember,andup20bpsovertheweek.US2yryieldsrose10bpsFridayto4.75%.AsolidbeatonUSpayrollsbehindFriday'smarketmoves,headlineup303kinFigure1:MarketSummaryMarchversusconsensusat214k,alongwithaone-tenthincreaseinhoursworkedanda0.3%momgaininaveragehourlyearnings,inlinewithconsensus.Equities5204.341.1%FX-0.21%Unemploymentfellatenthto3.8%,inlinewithconsensus,andlabourforceS&P500506.55-0.8%EURUSD1.08370.06%participationincreasedby0.2pptsto62.7%,highestsinceOctober.FortheFed,Stoxx600-0.8%USDJPY151.62-0.18%BrettRyanarguesthattheemploymentstrengthandrecentre-accelerationinlaborFTSE7911.16-2.0%GBPUSD1.2638-0.67%incomegrowth(DB'spayrollproxytickedupnearly60bpsto5.9%yoy)reinforcesFedNikkei22538992.08-0.4%USDCAD1.35901.03%officials'lackofurgencytobeginnormalizingrates.CSI300-0.32AUDUSD0.65790.74%VIX3567.80NZDUSD0.6013Ha...