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Daily Alert: US labour data disappoint, but shares rally to record highs anyway

  • US Non-farm Payrolls (employment) rose by just 266k in April (consensus: +1 million) and job gains were revised 78k lower from the previous two months.
  • US sharemarkets climbed on Friday as weaker-than-expected US jobs data eased investor concerns about higher inflation and a cutback in stimulus.
  • Locally, we expect data on Tuesday to show a solid increase in monthly total and retail card spending in April.

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