Wall Street: Schwacher US-Jobmarkt | Fed-Zinserhöhung im Oktober vom Tisch?

Weak U.S. job market data for September initially received a positive reception on Wall Street. Hiring activity has been losing momentum, with an average of only 51,000 new jobs created over the past three months, down from 71,000 previously reported. This news is initially seen as positive for the stock market, as cooling off in the labor market reduces pressure on the U.S. Federal Reserve to raise interest rates again in October.

Most market participants now expect interest rates to remain unchanged. Additional relief comes from oil prices, with Brent crude falling below $100 per barrel again, dampening inflationary pressure. However, uncertainty remains regarding France. The risk premium of French government bonds compared to German government bonds is rising sharply.

Similarly, the costs for credit default insurance on French sovereign debt are increasing, indicating that investors are assessing the risk as higher. In the technology sector, the AI boom continues to provide a boost. U.S. investment bank Morgan Stanley has chosen chipmaker Nvidia as its preferred semiconductor stock, citing broad demand from various customer groups and rising revenue from AI computing centers.