Finance

Morning Market Roundup: Dismal Jobs Report, Pressure on Japan, Greek Violence Continues

Here’s what’s important in the financial world this morning:

Jobs: Treasury prices are shooting higher after a weak jobs report.

The yield on the benchmark 10-year Treasury note fell to 2.08 percent from 2.18 percent after the Labor Department released its monthly employment survey. The price jumped 90.6 cents for every $100 invested.

Bond yields fall when their prices rise. That means more people are trying to buy the bonds, which are less risky than stocks and commodities. Investors tend to pile into Treasurys when they’re worried about the economy.

Treasury yields also fell Wednesday and Thursday as traders worried that Spain could become the next European country to run into trouble with its debts.

The government said 120,000 net jobs were created in the U.S. last month, down from more than 200,000 in each of the three previous months

Asia: Societe Generale analysts believe Japan’s central bank will probably decide to ease monetary conditions after its two-day policy meeting which begins on Monday. They noted that the central bank has felt increasing political pressure to take a greater activist tact toward eliminating deflation, reported MarketWatch.

In a Societe General research note on Friday, Chief Japan Economist Takuji Okubo wrote there’s rising pressure on the Bank of Japan, including a legal reform proposal by the opposing Liberal Democratic Party that would allow Japan’s cabinet to have the authority to get rid of the central bank’s top dog should inflation drop below target.

HTC Corp.: The cellphone maker reported its lowest quarterly profit since 2006 when it began selling cellphones through its own brand. High competition and the slow global economy cut 70 percent of profits in the company’s unaudited first quarter net profit figure. The results were in line with analysts’ expectations but there is concern over increasing competition from Apple, Samsung, and Chinese brands.

EU: A second night of fights between Greece police and protesters took place on Thursday. The unrest comes after a senior citizen committed suicide after having his pension cut from austerity efforts. He joined three other people this week who also killed themselves due to financial challenges, reported Reuters.

Greece Prime Minister Lucas Papademos expressed sadness over the deaths and reportedly said he has asked his country and citizens to “support those next to us in desperation.”

[Editor’s note: portions of the above are from a cross post that originally appeared on Wall St. Cheat Sheet.]

The Associated Press contributed to the report.

Comments (12)

  • lukerw
    Posted on April 6, 2012 at 6:25pm

    Dear Greek Suiciders: Thank you… for rejecting Gov’t Money from Tax Payer alike yourself… and for reducing the Demands upon Supply! If the whole Country will do this… it will help the EU!

    Report Post » lukerw  
  • Mark0331
    Posted on April 6, 2012 at 1:11pm

    Barry is wiping his brow in relief right now, knowing the markets are not open because it’s Good Friday…gives him all of Easter weekend to figure out how to spin this as ‘positive’ by Monday…this should be the best spin of all time…if he blames Bush, I think the press will just outright laugh in his face.

    Report Post » Mark0331  
  • williamberry1
    Posted on April 6, 2012 at 12:23pm

    By the Government’s calculations when there are no jobs left there will be zero unemployment.

    Report Post » williamberry1  
  • williamberry1
    Posted on April 6, 2012 at 12:20pm

    By the Government’s calculations, when there are no jobs left there will be zero unemployment.

    williamberry1  
  • Sue Dohnim
    Posted on April 6, 2012 at 11:51am

    December 2007 US employed = 138 million
    Today latest data US employed = 132.8 million
    ………………………………… LOST = 5.2 million jobs

    Jobs needed per month to break even with the population growth = 90,000
    Population growth for labor force since since Dec 2007 = 4.6 million

    TOTAL job deficit since December 2007 4.6 + 5.2 = 9.8 million jobs

    So, Obama added 5 trillion in debt and is down 9.8 million jobs.

    There is no recovery, ask the nearly 10 million people who have been displaced..

    THIS IS THE ACHILLES HEEL FOR HIM, PLEASE EXPLOIT IT REPUBLICANS

    The Dems use the unemployment rate which is fudged and doesn’t account for the drop in the labor participation rate.

    88 million Americans are not in the Labor force…. AN ALL TIME HIGH

    Report Post » Sue Dohnim  
    • Mark0331
      Posted on April 6, 2012 at 12:17pm

      The one figure that stands out the most is the 88 MILLION not in the work force…that is the equivalent of multiple entire states being out of work…yet Barry considers it a ‘slow recovery’. Give that figure to any stranger in this nation and their jaw will drop. Just throw it out there, and you’ll see their eyes light up…even uninformed liberal idiots will take a step back…scary times.

      Report Post » Mark0331  
  • SilentReader
    Posted on April 6, 2012 at 11:33am

    Greece should adopt Iceland’s model for recovering from their debt crisis and default.

    http://tyillc.blogspot.com/2012/02/iceland-confirms-that-swedish-model-for.html

    http://dailyreckoning.com/default-therapy/

    Report Post » SilentReader  
  • Darmok and Jalad at Tanagra
    Posted on April 6, 2012 at 11:16am

    Cell phones are down, Greek violence up, and Japan is weakened. But Treyvon was hunted down like a rabid dog. RNC compared women to catipillars, and GSA went wild.

    Butterflies people, butterflies.

    Any minute, I expect an A-list actor or singer to suddenly “Die” and the country will mourn.

    Report Post » Darmok and Jalad at Tanagra  
  • shogun459
    Posted on April 6, 2012 at 11:14am

    .
    What is the future of America under Obama?

    Greece Prime Minister Lucas Papademos expressed sadness over the deaths and reportedly said he has asked his country and citizens to “support those next to us in desperation.”

    This is his desire, leveling the playing field by bringing America and the West low.

    Report Post » shogun459  
  • shogun459
    Posted on April 6, 2012 at 11:10am

    Take a deep breath, don’t look down.

    If you don‘t know what’s coming suks 2 B U.

    Report Post » shogun459  

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