A McDonald’s restaurant in Miami Beach, Florida, is now recruiting signers, with rates starting at $11 an hour.
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This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see?You can subscribe here.
What you need to know today
China warns property developers
China’s housing and urban-rural development minister said property developers must go bankrupt if necessary and would not receive a major bailout. Minister of Housing and Urban-Rural Development Ni Hong also warned that those who “harm the interests of the masses” will be punished.
A ‘watershed moment’ for India’s free trade agreement
India has signed a “watershed” free trade agreement worth $100 billion with four non-EU countries, which will eliminate most tariffs. Commerce and Industry Minister Piyush Goyal It said that the free trade agreement “will provide Indian exporters with a window into large European and global markets.”
AirAsia CEO goes shirtless
AirAsia founder and chief executive Tony Fernandes says he has no regrets after a LinkedIn post in which he received a massage at a conference went viral. “My famous topless sports massage is just to show our culture, and honestly, we have such a flexible culture,” the Malaysian businessman told CNBC.
(PRO) Ark Investment’s top artificial intelligence gameplay
Ark Investment, which focuses on innovation, is bullish on artificial intelligence amid the craze for artificial intelligence. Tasha Keeney, the asset manager’s director of investment analysis and institutional strategy, is “particularly excited” about the self-driving car space, which she estimates could be a “$28 trillion opportunity.”
bottom line
U.S. job growth continues to boom, but there are clear signs that the labor market is cooling.
However, the unemployment rate was higher than expected at 3.9%. January’s hot data turned out to be a flash in the pan as it, as well as December’s employment data, were revised down sharply.
The big question remains what the latest jobs data means for the direction of interest rates from the Federal Reserve.
Last week, Fed Chairman Jerome Powell told lawmakers that inflation was “not far” from the level needed for the central bank to begin cutting interest rates.
“We expect the unemployment rate to rise from the spring as job growth slows,” Ian Shepherdson, chairman and chief economist at Pantheon Macroeconomics, wrote. “Is this going to change anytime soon?” How that will show up in the data for the Fed to ease policy in May is unclear.”
In addition, the mixed employment situation sends conflicting signals about economic activity.
“People will see what they want to see in the report,” said Mohamed El-Erian, chief economic adviser at Allianz. Write on X.
“Those who are worried about the labor market overheating will point to job creation and hours worked growing again,” he said. “Those who are looking at the labor market blonds will point to the last two sharp revisions to the jobs data and the increase in payrolls,” he said, adding Slight monthly increase.” Hourly earnings. “
El-Erian noted that the comparison “will have no material impact on economic forecasts and policy views.”
“However, given the upcoming trading/investing mentality, “good news/bad news about the economy is good for the market,” which will push asset prices higher.
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