Headlines discussed at LNWM’s Monday morning briefing:
— The US job market remains weak: only 49,000 new jobs created in Jan., after 227,000 lost in Dec., with 18 million collecting jobless benefits.
— Yields on long-term US Treasuries jumped (to nearly 1.2% on the 10-year and 2% on 30-year), on likelihood of more government aid to offset the economic impact of Covid-19.
— Oil prices rebounded strongly last week and are now at pre-pandemic levels, due to OPEC+ production cuts and hopes for Covid-19 vaccines.
— US manufacturing in Jan. 2021 showed expansion for eighth month in a row, even amid constraints due to Covid-19.
— The US trade deficit rose 18% in 2020 to $679 billion, the highest level since 2008, as exports fell more than imports.
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