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Speaker 1: Now from Devon Funds Management, there's Monday morning, Grigsmith, morning.

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Speaker 2: To you, Morning to you, Mike.

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Speaker 1: So the number itself job wise a little bit light.

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Speaker 1: So where's all this lead the feed?

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Speaker 2: Yeah, probably leaves the Fed on hold for now, I

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Speaker 2: would have thought. So it's a bit of a bit

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Speaker 2: of a mixed bag. Markets are now so saying fifty

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Speaker 2: to fifty chance for rate cut in June. So yeah,

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Speaker 2: job creation loan expected's largest economy pears to be slowing

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Speaker 2: down a ted. So you look at the non farm

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Speaker 2: payrolls are up one hundred and forty three thousand, so

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Speaker 2: that it was less than half of what we saw in December.

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Speaker 2: It was below forecasts as well, job grave concentrating, healthcare, retail, government,

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Speaker 2: usual suspects there. But on the brighter side, there were

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Speaker 2: upper revisions to the counts for December and November, so

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Speaker 2: they were revised upwards by a total of one hundred thousand.

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Speaker 2: And you look at the unemployment rate, Mike, that actually

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Speaker 2: went down to four percent. So yeah, the population and

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Speaker 2: participation in terms of labor forces actually increasing. This that's

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Speaker 2: that's good news. Wages also raised moren expected, so four

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Speaker 2: point one percent on an annualized basis, so well, you know,

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Speaker 2: parts of the jobs print was soft. Wasn't a disaster.

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Speaker 2: I mean, overall, you look at the jobs market, it

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Speaker 2: seems in pretty good shape. So I think that won't

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Speaker 2: compel the feed to rush to cut rights in the

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Speaker 2: next few months. I mean, it was interesting the Trump administration.

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Speaker 2: They see the job numbers were a poor reflection on

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Speaker 2: Biden the presidency. There's also some other data. They look

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Speaker 2: at the numbers for the year end in March twenty

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Speaker 2: twenty four and they were revised down by almost six

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Speaker 2: hundred thousand. All the officials they neglected to mention there

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Speaker 2: was a similar downward revision during Trump's first term in

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Speaker 2: pre COVID. But hey, ho.

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Speaker 1: Amazon, So the numbers I thought looked reasonable. But the

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Speaker 1: guidance isn't issue, isn't it.

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Speaker 2: Yeah, that's right, it's the numbers on the face that

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Speaker 2: we're strong. So sales for futh I just cou't maany

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Speaker 2: one hundred and seven point eight billionaire they had need income.

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Speaker 2: They had almost double to twenty billion. They're actually also

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Speaker 2: of course cutting costs, and then you know there's something

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Speaker 2: down their workforce post COVID and all that sort of

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Speaker 2: stuff online. Businits doing pretty well, so that's obviously good

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Speaker 2: barman for the air market. Generally, they're the third biggest

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Speaker 2: platform and the global digital advertising market, so revenues they

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Speaker 2: are eight eight percent. Cloud computing service unit that did

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Speaker 2: pretty well. Revenues up nineteen percent, twenty eight point eight billion,

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Speaker 2: investing around about a one hundred million the she had

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Speaker 2: to turn itself into an AI supermarket. But they did

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Speaker 2: warn a couple of things that she might have said.

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Speaker 2: They could be capacity constraints due to power capes. We've

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Speaker 2: heard that before, end the supply chips, but it was

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Speaker 2: mainly about the guidance, as you said, and the shears

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Speaker 2: actually fell four percent. So they reckon revenue growth from

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Speaker 2: the first quarter is going to be five to nine percent.

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Speaker 2: That would actually be the slowest on record in their

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Speaker 2: twenty eight year history in the public market. It seems

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Speaker 2: as strong US dollars to blame. They reckon there's going

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Speaker 2: to be foreign exchange impacts of two point one billion.

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Speaker 2: That's all about converting the money they overseas back into

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Speaker 2: US dollars. The US dollars it's highest level two years

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Speaker 2: larger on the back of Trump coming in and it's

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Speaker 2: a bit of a head win for for other tech

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Speaker 2: companies as well. Might So you look at Amazon, twenty

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Speaker 2: three percent of their salves are offshore, but Apple, Meter, Alphabet, Microsoft,

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Speaker 2: and Tesla all in at least half of their revenue

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Speaker 2: from overseas. So I think this could be something to

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Speaker 2: watch in particular inflation persists, and you know, the FED

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Speaker 2: holds off cutting rates even further, maybe towards the end

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Speaker 2: of the year.

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Speaker 1: Now I read this yesterday and it's as much as

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Speaker 1: you don't want to believe that the numbers don't lie.

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Speaker 1: Every time Philadelphia wins anything, and they're in the super

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Speaker 1: Bowl today, it's ugly.

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Speaker 2: Yeah, it depends on whether your superstitious. So we're talking

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Speaker 2: also about the the baseball in any sort of team

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Speaker 2: involving Philadelphia. So historically that you know, their wins have

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Speaker 2: coincided with some pretty bad stuff. So we had the

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Speaker 2: nineteen twenty nine stock market crash, we had quite a

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Speaker 2: few recessions nearly nineteen hundreds, and then the Eagles they

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Speaker 2: won their first Super Bowl in twenty eighteen, so that's

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Speaker 2: a course of celebration where you're not for the stock markets.

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Speaker 2: They actually had their worst year since two thousand and eight,

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Speaker 2: So it depends on whether your superstitious, and I guess

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Speaker 2: they might. For the record, you probably know this Kansas

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Speaker 2: City Jeeps a slight favorite. There's some pretty cool other

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Speaker 2: stets around as well. If you look at and talk

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Speaker 2: about tires and eight million bucks a commercial, that's what

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Speaker 2: some companies are paying some pretty core adds. They're a

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Speaker 2: bit of a I think they look at him in themselves.

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Speaker 2: Evidently seal he's going to be promoting mountain dew of

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Speaker 2: all things. Last year we had more one hundred and

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Speaker 2: twenty three million people turn in the roovy and it

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Speaker 2: was five hundred and fifty million dollars. So yeah, advertising

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Speaker 2: for big sports events are still going pretty pretty much gangbusters.

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Speaker 2: And another notable fact about the super Bowl, right, Donald

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Speaker 2: Trump will be in attendance. Evidently first time a sitting

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Speaker 2: president will attend.

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Speaker 1: And weirdest statistic I've ever heard. It seems incomprehensible that

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Speaker 1: if you're the president of the day, you're not at

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Speaker 1: the super Bowl, but there you go. What are the numbers?

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Speaker 2: Yeah, exactly, heye, So that the US marks were a

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Speaker 2: bit low on the on that job's read. So that

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Speaker 2: now I was down one percent. Forty four to three

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Speaker 2: zero three s and P five hundred that was down

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Speaker 2: one percent as well, six zero two five Nare's that

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Speaker 2: down one point four percent, nineteen five to two three

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Speaker 2: foot see down point three percent in the UK, nick

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Speaker 2: Guy down point seven percent. ASEX two hundred was actually

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Speaker 2: down point one percent eighty five one one with the

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Speaker 2: Domino's pizza that's sizzled twenty one percent higher though hutting

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Speaker 2: underperforming stores. In Japan, we had a good day Insidys

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Speaker 2: fifty up to half percent, twelve nine zero two, gold

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Speaker 2: up five bucks, twenty hundred and sixty one an ouncets

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Speaker 2: around a record oil seventy one dollars a barrow up

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Speaker 2: for thirty nine cents. Currency markets key was week around

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Speaker 2: to the US fifty six point six Ozzie dollar ninety

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Speaker 2: point two, down slightly. We're up against Stirling slightly forty

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Speaker 2: five point seven this week. Mike plenty going on likely.

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Speaker 2: We've got cards spending, we've got a manufacturer of sector print,

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Speaker 2: We've got food inflation, We've got earning some vulcan steel

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Speaker 2: and scaler up off shore. We've got use inflation, UK

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Speaker 2: GDP and plenty of results I've got McDonald's, Coca Cola,

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Speaker 2: Sony Honda and Cross the Tasman, JB High Fight and

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Speaker 2: common Off Bank of Australia. So plenty going on, and

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Speaker 2: ye's say go to the chiefs.

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Speaker 1: All right, fair enough and lucky we've got to find

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Speaker 1: day week to deal with it all. Go well, mate,

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Speaker 1: Greg Smith, Devon Funds Management.

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Speaker 2: For more from The Mike Asking Breakfast, listen live to

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