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On Friday the US labour department revealed a mixed jobs report, as unemployment ticked up to 7.6% leaving investors unsure about the future of the US monetary policy. Rising unemployment is bad for the economy but investors will be hoping that it might encourage the Federal Reserve to keep the stimulus package in place for longer.
Over the weekend Beijing announced worse-than-expected trade balance and inflation data, which could be a sign that domestic demand is falling and that the second largest economy in the world is slowing down. This affected the mining sector in London, which lost 1.6%. It was the biggest loser as dealers sold commodity-focused stocks, feeling that demand for minerals would be low with China requiring less natural resources.
The eurozone also posted less than impressive figures, with Italy announcing its third consecutive monthly drop in industrial production. The Sentix index shows that investor confidence in the eurozone fell below economists’ expectations last month.
In the US, the Dow is up 20 points at 15,268. Dealers are a little more confident in US equities after the rating agency Standard and Poor raised it’s outlook for the US economy from negative to stable.