03 February 2012 at 14:24 GMT
Stocks are flying before the US open as Nonfarm Payrolls beat estimates by almost 100K, printing 257K in January up from 203K in December in what now have been the two best months in years. Read more about the
job report in our macro update. Overall the job report was good on all accounts.
Not surprisingly, an otherwise dull stock market has exploded with the German DAX Index up 1.3 percent as we speak. It jumped significantly higher on the US job data (see chart below)
Source: Bloomberg
Later today we will have ISM Non-manufacturing and US factory orders out but unless they disappoint big we expect the session to be in a very buoyant mode.
On earnings, the seven S&P 500 companies that reported earnings so far today have all been beating estimates on earnings. In Europe, Rosneft reportsed 4Q net income of USD 3.0 bn. beating estimates of USD 2.7 bn.