Strong U.S. Employment Reduces Market Bets on Fed Rate Cuts
The U.S. non-farm employment data for May 2 shows an increase of 177,000 people, exceeding expectations, with tariff uncertainty not affecting the job market. Over two years, the Treasury yield rose by 7 basis points to 3.77%, leading traders to reduce rate cut expectations, with the expected rate cut in 2025 decreasing from 90 basis points to about 85 basis points. (Jin10)
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BUZZ - Levi Strauss shares drop due to weak sales in the US and Europe
On October 8, Levi Strauss (LEVI.N) shares fell 1.3% in pre-market trading to $19.25 after the company reported lower-than-expected sales in the U.S. and Europe. BTIG commented: “This quarter, the European direct-to-consumer (DTC) business was hit by unusually warm weather, but as temperatures return to normal, foot traffic and sales trends have improved, maintaining a positive outlook in early Q4.” The brokerage also noted that the company remains strong in wholesale, e-commerce, and market share in jeans, but its “back-to-school” marketing campaign did not meet expectations. Benefiting from tariff refunds on Wednesday, the company raised its annual profit forecast and is betting on strong demand for its premium jeans and sweaters during the holiday season. Sixteen analysts have an average “buy” rating; the median price target is $27, according to LSEG. The stock has risen 6% year-to-date as of the previous close.
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