CANADA FX DEBT-Canadian dollar, “super-charged” by jobs data, posts 1-month high

(Adds strategist quotes and details throughout; updates prices)

* Canadian dollar rises 0.5% against the greenback

* Canada adds 378,200 jobs in September

* Loonie touches a 1-month high at 1.3111

* Canadian bond yields were mixed across a steeper curve

By Fergal Smith

TORONTO, Oct 9 (Reuters) – The Canadian dollar strengthened
against its U.S. counterpart on Friday to notch its biggest
weekly advance in four months, driven by domestic data showing a
faster pace of job gains and rising hopes of U.S. stimulus that
boosted Wall Street.

Canada added 378,200 jobs in September after an increase of
246,000 in the previous month, handily beating analyst
expectations, as children returned to school and the economy
continued to reopen from coronavirus shutdowns, Statistics
Canada said.

“Accelerating job creation in Canada in September has
super-charged the Canadian dollar” said Michael Goshko,
corporate risk manager at Western Union Business Solutions.

Adding to

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‘It’s infuriating’: Backlog of unpaid jobless claims in Washington is still high, advocates say

Even as the number of new jobless claims continues to fall, the number of workers still waiting for jobless benefits in Washington state remains stubbornly high. 

Last week, Washingtonians filed 15,496 new unemployment claims, a 12.6% drop from the prior week, the Employment Security Department (ESD) said Thursday. It’s the lowest tally since early March, when pandemic-related layoffs were picking up — and a potential sign of a gradually improving economy. Almost 317,000 Washingtonians were collecting unemployment benefits as of last week. Nationally, there were 840,000 new claims last week, down 1% from a week earlier.

But there were also 20,223 Washingtonians as of last week who are waiting for the ESD to resolve issues with their unemployment claims, according to the agency’s weekly report. 

And that figure doesn’t reflect the many thousands of workers who have already been turned down for benefits and are now trying to appeal.


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US layoffs still high, but so is skepticism on jobless data

WASHINGTON (AP) — The number of Americans seeking unemployment benefits dipped last week to a still-high 840,000, evidence that layoffs remain elevated seven months into the pandemic recession.

Yet economists say they are increasingly dubious about the unemployment claims figures, even though there is little doubt that hiring has slowed and employers have continued to lay off workers.

Disney said last week that it would cut 28,000 jobs. And American Airlines and United Airlines combined furloughed 32,000 employees last week. Airlines had been barred from cutting jobs as long as they were receiving federal aid, which expired this month. The American Hotel & Lodging Association has said that nearly three-quarters of hotels say they’ll have to lay off more workers without further financial aid.

One reason layoffs remain high is that companies often hold on to workers when a recession begins, if they can, in hopes of outlasting the downturn.

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Unemployment Claims Expected to Remain High: Live Updates

Here’s what you need to know:

Credit…Vincent Tullo for The New York Times

Applications for jobless benefits remained high last week, even as the collapse of stimulus talks in Washington raised fears of a new wave of layoffs.

More than 804,000 Americans filed new claims for state unemployment benefits last week, the Labor Department said Thursday. That is up from 799,000 in the previous week, before accounting for seasonal patterns. Another 464,000 people applied for benefits under the federal Pandemic Unemployment Assistance program, which covers freelancers, self-employed workers and others left out of the regular unemployment system.

For the second week in a row, the reported number will carry a Golden State-size asterisk: California last month announced that it would temporarily stop accepting new unemployment applications while it addresses

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British midcaps hit near 2-month high on upbeat Brexit views

By Shashank Nayar

Oct 8 (Reuters)British midcaps rose to their highest levels in nearly two months on Thursday following the Bank of England Governor’s upbeat views on Brexit and as a slew of corporate results showed signs of an improvement.

Bank of England Governor Andrew Bailey said he believed Britain and the European Union should be able to reach a trade deal, and that he did not expect the new wave of COVID-19 cases to be as damaging as the first.

Capping the market’s gains, however, Prime Minister Boris Johnson’s government said it is considering additional local COVID-19 restrictions for parts of northern England as the second wave of the novel coronavirus accelerates.

The mid-cap index .FTMC, considered a barometer for Brexit sentiment, gained 0.5%. Electrocomponent ECM.L was one of the biggest boosts after it said it expects the virus’ impact to ease in the second

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Unemployment Claims to Remain Historically High

The number of Americans applying for unemployment benefits likely held above pre-pandemic highs last week, a sign the labor market is still being battered by the novel coronavirus’s effects.

Economists expect applications for jobless benefits—seen as a proxy for layoffs—ticked down to 825,000 last week from 837,000 a week earlier. Weekly jobless claims are down sharply from a peak of nearly seven million in March but have clocked in at between 800,000 and 900,000 for more than a month. Claims remain above the pre-pandemic high of 695,000.

“It’s more of the same, but it’s also still jaw-dropping that we have that many new claims even now, as we’re six, seven months into this whole recession and recovery,” said Eliza Forsythe, an economics professor at the University of Illinois, Urbana-Champaign.

The number of people collecting unemployment benefits through regular state programs, which cover most workers, fell to 11.8 million in the

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Japan’s Service Sentiment Hits Two-And-A-Half-Year High, Bankruptcies Fall | Investing News

By Daniel Leussink and Leika Kihara

TOKYO (Reuters) – Japan’s service sector sentiment rose in September to the highest level in 2-1/2 years, government data showed on Thursday, suggesting that the economy is gradually recovering from the devastating impact of the coronavirus pandemic.

A survey of workers such as taxi drivers, hotel workers and restaurant staff – called “economy watchers” for their proximity to consumer and retail trends – showed their confidence about current economic conditions grew 5.4 points from August to 49.3 in September.

It was the highest level since April 2018 and the fifth straight month of increase, boding well for the government’s efforts to prevent a pandemic-driven recession from deepening.

“While conditions remain severe due to the pandemic’s fallout, sentiment is improving,” the government said on the survey. “While there are concerns over the pandemic, sentiment is likely to continue recovering,” it said.

A separate private survey

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Samsung Elec profit likely at 2-year high after Huawei chip orders, phone recovery

SEOUL (Reuters) – Samsung Electronics Co Ltd’s third-quarter profit likely jumped 58% to its highest in two years, beating analyst estimates as U.S. restrictions on China’s Huawei boosted the South Korean tech giant’s phone and chip sales.

U.S. action against Huawei Technologies Co Ltd has dampened demand for its phones outside of China, giving a leg up to Samsung, analysts said, while the Chinese firm also hurried to order more chips from Samsung after Washington moved to choke its access to commercially available chips from mid-September.

Samsung said on Thursday operating profit was likely 12.3 trillion won ($10.6 billion) for the three months ended September, well above a Refinitiv SmartEstimate of 10.5 trillion won. It would be the strongest result since 17.57 trillion won in the third quarter of 2018.

Revenue likely rose 6% from the same period a year earlier to 66 trillion won,

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Netflix Price Target at Wall Street High on ‘Virtuous Cycle’

Shares of Netflix  (NFLX) – Get Report were higher Wednesday after the media-streaming major’s price target was raised to a Wall Street high $650 from $600 at Pivotal Research with a buy rating. 

The new target indicates 28% potential upside from the stock’s Tuesday closing price. The stock recently was 3.1% higher at $521.50. 

Netflix is in the middle of a “virtuous cycle” of subscribers paying for the company’s spending on new content, and that new content subsequently brings in more subscribers, Pivotal analyst Jeffrey Wlodarczak said in the note. 

This cycle should help Netflix “remain as the dominant subscription-video-on-demand player for the foreseeable future,” Wlodarczak said. 

Competition has increased as Comcast  (CMCSA) – Get Report launched the Peacock streaming network and, to a lesser extent, from HBO Max  (T) – Get Report and the return of sports, the analyst said. 

“As NFLX continues

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UK house prices jump 7.3% as mortgage applications hit 12-year high

Britain's housing boom continues despite the coronavirus pandemic. Photo: Toby Melville/Reuters
Britain’s housing boom continues despite the coronavirus pandemic. Photo: Toby Melville/Reuters

Property prices leapt 7.3% year-on-year last month as Britain’s housing market boom continues, with lender Halifax reporting mortgage applications at a 12-year high.

Figures from the bank show the average residential home sold for £249,870 ($322,877) in September, with the highest annual rise since 2016.

Russell Galley, managing director of Halifax, noted political uncertainty had weighed on prices last September, but said the market had still been “extremely strong” since the first national lockdown eased.

Prices were up 1.6% on the previous month in a third month in a row of gains. Growth has lost less steam than expected by analysts, who had predicted monthly growth of 0.6%.

It comes in spite of the resurgent coronavirus, tighter lockdown restrictions and the ongoing economic crisis, with some experts calling the property boom a “paradox.”

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