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Cape Town – The rand gained over 1% against the dollar on Friday, after the US announced it added fewer employees than expected in August.
Emerging markets and the euro benefitted from the disappointing US news, with the rand strengthening to trade at R12.85 against the greenback at 14:30 on Friday.
The US jobless rate also rose and wages rose less than forecast, in a break from otherwise solid progress in the labour market.
Nonfarm payrolls rose by 156 000, below the median estimate of 180 000 in a Bloomberg survey of economists, and revisions for the prior two months subtracted 41 000 jobs, according to Labour Department data on Friday. The unemployment rate rose to 4.4% from 4.3%.
The dollar tumbled, Treasuries erased losses and US equity futures remained higher after the report was released on Friday.
The Stocks Europe 600 Index gained a third day, with media companies among the winners after Vivendi SA sales beat estimates. The LME Index of six industrial metals soared to the highest in almost three years, with copper leading the charge.
Oil gave up some of Thursday’s increase, while gasoline remained at an elevated level after Tropical Storm Harvey knocked out a quarter of refining capacity. Japan’s benchmark bond yield fell below zero percent for the first time since November.
