Daily Brief – US Jobs Data

US Jobs Data

On Friday with an extra 165,000 US jobs of which 70,000 were in business and professional services, the US economy looked stronger than markets had expected. The AI led sell off prompted by fears that the Democrats will be more resistant to the data centres sprouting in all parts of the USA and which will therefore curtail the growth of the AI industry was the main topic on the collective minds of the market. US Consumer Sentiment rose unexpectedly which strengthened both forward expectations for the US economy and consequently USD.

EUR/USD 1.1150.

Burnham’s Britain

Those poor NEETs whom we wrote about earlier in the week now have a further assist from nearly new PM Andy Burnham: to save them the trouble of applying for a job or even attending an in-person interview without knowing the exact remuneration they might expect. Going forward UK employers will be legally obliged to publish salary details when advertising a job. Another case of a doubtless well-intentioned initiative not being thought through properly: not all candidates are equal in experience, knowledge and potential and consequently remuneration levels can only be indicative and realistically will be within a range. Better for the PM to focus on the swathe of potential workers within the 9.1 million economically inactive UK citizens than saving those NEETs from getting out of bed.

GBP/USD 1.3360.

German Industrial Output

Some better news for Germany with Industrial Output showing a rise of 0.7% in September with surprisingly better car production figures despite the ongoing challenge from Chinese EVs . Without raining on Germany’s parade there is still realism from the market when it comes to rising costs, inflation, higher borrowing costs and the shadow of high energy costs.

EUR/GBP 0.8341.

HP: Hawaiian Pizza

In case you are not a devotee of the Hawaiian, it is a pizza topped with pineapple. What pizza purists would call an abomination originated in Ontario, Canada in 1962 when a Greek restaurateur named Sam Panapoulos decided to liven up his flagging pizza sales with some pineapple toppings. Scroll forward to the other side of the world in 2026 and in Brisbane Australia where a chef named Davide Tamburella cited his Italian roots when he refused to make Hawaiian pizza at the restaurant where he worked. That noble and selfless stance got him fired and not in a wood fired pizza oven and subsequently at the employment tribunal whence he had gone to pursue a claim of unfair dismissal, he also came off worst with the tribunal denying that he had a crispy base of a case at all.

Brent Oil USD 97.96.

You Ain’t Seen Nothing Yet

Maybe it was the double negative or simply because Canadian group Bachman Turner Overdrive was the epitome of the phenomenon that is a smash hit group that produced just a single hit on their album, Not Fragile and then promptly joined the ranks of the one hit wonders, but this song released this day in 1974 was played relentlessly for a time before nothing more weren’t seen of the group.

I met a devil woman
She took my heart away
She said I had it coming to me
But I wanted it that way

I think that any loving’s good loving
So I took what I could get, mmh, ooh, ooh
She looked at me with big brown eyes
And said

“You ain’t seen nothing yet
B-b-b-baby, you just ain’t seen n-n-n-nothing yet
Here’s somethin’ that you’re never gonna forget
B-b-b-baby, you just ain’t seen n-n-n-nothing yet
Nothing yet, you ain’t been around” that’s what she told me

And now I’m feeling better
‘Cause I found out for sure
She took me to her doctor
And he told me of a cure

He said that any love is good love
So I took what I could get, yes, I took what I could get
And then she looked at me with her big brown eyes
And said

“You ain’t seen nothing yet
B-b-b-baby, you just ain’t seen n-n-n-nothin’ yet
Here’s something, here’s something you’re never gonna f-forget, baby
You know, you know, you know you just ain’t seen nothing yet
You need education
Gotta go to school”

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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