Labour market strong

Market Overview
Read time 1.2 minutes

Year To Date Performances:

1. The labour market showed signs of strength on Thursday as initial weekly jobless claims came in at 216,000, notably below the expected 230,000. This encouraging data provides a contrasting narrative to the volatile employment landscape observed recently. Just last week, the August jobs report highlighted a surprising uptick in nonfarm payrolls despite the unemployment rate also seeing a considerable rise.

2. An official from Ukraine has criticized Tesla and SpaceX CEO Elon Musk for instructing engineers to disable the Starlink satellite network over Crimea last year, alleging it was to prevent a Ukrainian assault on Russian naval vessels. At the onset of the Ukraine-Russia conflict, Musk had provided 500 Starlink terminals to support Ukraine but later retracted his support. In a recent interview, Musk stated, “Starlink was not meant to be involved in wars. It was so people can watch Netflix and chill and get online for school and do good peaceful things, not drone strikes.” Simultaneous to this controversy, the government of British Columbia, Canada, has announced that it will be using Starlink satellites to connect its resources throughout the province.

   A top aide to Ukraine's President Zelenskyy voiced strong objections to Musk's latest decision, posting on X, “By not allowing Ukrainian drones to destroy part of the Russian military fleet via Starlink interference, Elon Musk allowed this fleet to fire Kalibr missiles at Ukrainian cities.”

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4. Headlines

   1. US treasuries were down late last week as investors were concerned about the impact of potential interest rate hikes by the Federal Reserve.

   2. The US Department of Commerce is investigating Huawei for its new phone, which apparently has semiconductor technology that the US was attempting to hide from China.

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