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Close: ADP employment data is far worse than expected. Us stocks closed mixed.
In the early morning of the 2nd Beijing time, US stocks closed mixed on Wednesday. The 374000 increase in ADP employment in the United States in August was less than expected, indicating a significant slowdown in the labor market recovery. More labor market data, such as jobless claims last week and non-farm payrolls in August, will be released later this week. The Dow fell 48.20 points, or 0.14%, to 35312.53; the Nasdaq rose 50.15 points, or 0.33%, to 15309.38; and the S & P 500 rose 1.41 points, or 0.03%, to 4524.09. The Nasdaq rose as high as 15379.50 on Wednesday afternoon.
The Bank of New Zealand is set to raise interest rates to cool the overheated economy
New Zealand is expected to raise interest rates this week, the first developed economy in the Asia-Pacific region to begin policy normalisation, showing signs of overheating in a strong recovery unhampered by the Delta variant. 20 of the 24 analysts surveyed said the Bank of New Zealand would raise its official cash rate by 25 basis points to 0.5 per cent on Wednesday. One economist expects an interest rate hike of 50 basis points, while three economists do not expect any change. The market is also expected to raise interest rates because of growing concerns that labour shortages will release wage-driven inflation. "it is clear that the New Zealand economy no longer needs extreme monetary stimulus," ANZ said.
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