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Speaker 1: From Joy and my wealth Andrew Kella have very good

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Speaker 1: Monday morning.

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Speaker 2: Very good morning, Mike.

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Speaker 1: You have the jobs and I was I think they

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Speaker 1: were better than expected to stay side, weren't they?

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Speaker 2: They were?

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Speaker 3: But before we start that, you know we'd finished last

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Speaker 3: week with feel Good Friday, didn't we?

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Speaker 2: That did carry over the weekend?

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Speaker 3: Now, I know you would have been glued to the

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Speaker 3: Warriors and the Miami GP.

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Speaker 2: But what else was on over the weekend?

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Speaker 1: How about that? Do you believe that he was I

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Speaker 1: assume we're talking about the same thing. Do you believe

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Speaker 1: that Abel was on stage not knowing?

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Speaker 2: Can you believe that?

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Speaker 3: So this is the Berkshire Hathway AGM, and Warren Buffett

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Speaker 3: has still down but he announced it at the AGM

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Speaker 3: and he hadn't told the guy. That's absolutely brilliant. But

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Speaker 3: you can do that sort of stuff when you're ninety

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Speaker 3: four years old, can't you?

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Speaker 2: I reckon?

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Speaker 1: And do you reckon? He really drinks all that Coca

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Speaker 1: cola or that's just a thing now?

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Speaker 3: No, I don't think he probably does. I mean, well,

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Speaker 3: if he isn't, he's been consistently lying about it for

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Speaker 3: about sixty years. So yes, I guess he does anyway. Anyway,

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Speaker 3: let's get onto non farm pails. So big news Friday,

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Speaker 3: non farm praier. It's lots of concern about the impact

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Speaker 3: of the policy blitz that we've seen from the Trump

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Speaker 3: administration in the first one hundred days. Also, there's a

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Speaker 3: reason why Trump can't do three terms because he'll be pope.

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Speaker 3: So how can you do three terms if he's pope? Anyway,

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Speaker 3: So got this policy blitz in the first one hundred days. Now,

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Speaker 3: the Business consumer surveys, that's soft data. They're sending warning signals.

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Speaker 3: But we need to look at the hard data as well,

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Speaker 3: not just what people think. Now, non farm payrolls is

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Speaker 3: a piece of hard data. What's happening in the laid

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Speaker 3: mark and the key takeaway if you want to impress

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Speaker 3: all your mates at work today, you've just said it.

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Speaker 3: They were stronger than expected. So in April they added

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Speaker 3: one hundred and seventy seven thousand jobs to the US

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Speaker 3: economy with expectation around one hundred and thirty eight So

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Speaker 3: an easy beat there.

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Speaker 2: The prior two.

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Speaker 3: Months were revised a little bit lower. Are unemployment rates

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Speaker 3: stable at four point two percent, which doesn't sound terrible.

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Speaker 2: Is it.

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Speaker 3: Participation rates sixty two point six ticked up from sixty

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Speaker 3: two point five. Not a huge move, but significant when

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Speaker 3: you're looking at such a large population. Average hourly earnings

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Speaker 3: rose zero point two percent, Wages up three point eight

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Speaker 3: percent year on years, so mildly eased from previous month.

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Speaker 3: Added quite a few jobs in healthcare fifty one thousand jobs.

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Speaker 2: Interesting.

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Speaker 3: Federal government actually added nine thousand jobs in April despite

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Speaker 3: doze that year. Today you have seen twenty six thousand

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Speaker 3: jobs shared from the federal government. Few comments might you

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Speaker 3: are not seeing any sign yet of a negative impact

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Speaker 3: on the jobs market from trade policy induced uncertainty, But.

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Speaker 2: As I said last week, you have to be.

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Speaker 3: Very careful I think about drawing any firm or medium

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Speaker 3: term conclusions from these current data points. I think it

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Speaker 3: seems reasonable to expect it's in the next few months

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Speaker 3: when we'll see the material impacts, particularly in things.

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Speaker 2: Like dose those jobs.

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Speaker 3: A lot of those federal employees are they're on furlough,

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Speaker 3: I'll think of what they call it, So we're not

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Speaker 3: going to see that in the numbers yet. Also, there

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Speaker 3: was actually that surgeon importing that we saw in the US.

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Speaker 2: Now there is some speculation that.

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Speaker 3: That added a little bit to the labor force because

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Speaker 3: people have to work, so I think areas like transportation

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Speaker 3: early days.

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Speaker 2: Yet keep let's keep an eye on all of this.

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Speaker 1: OK, what about the recovery on.

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Speaker 2: Recovery on so non fum payer I was aware.

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Speaker 3: Received, but that's really just part of the bigger picture

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Speaker 3: of the whole.

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Speaker 2: Of last week. Yes, recovery continues.

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Speaker 3: US share market indexes are now setting records, Mike, given

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Speaker 3: the headlines that you've been seeing, you wouldn't have thought

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Speaker 3: the records were positive ones.

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Speaker 2: But the S and P five hundred is on a

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Speaker 2: winning streak.

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Speaker 3: So April, Mike, April share market performs that was just

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Speaker 3: a bad dream.

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Speaker 2: Forget about that.

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Speaker 3: The S and P five hundred has now risen for

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Speaker 3: nine consecutive days and, as I said, the longest winning

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Speaker 3: streak in the last twenty years. So it's recovered all

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Speaker 3: the ground that we've seen since the infamous April the

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Speaker 3: second Rose Garden tariff announcement. So the end result, I

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Speaker 3: mean in April, the S and P five hundred actually

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Speaker 3: fell zero point six eight percent, so it barely move,

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Speaker 3: but just a heck of.

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Speaker 2: A round trip.

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Speaker 3: In the background of fifteen percent fall and recovery in

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Speaker 3: New Zealand dollars, though, Mike, you would have lost just

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Speaker 3: over five percent because the big currency moves as well,

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Speaker 3: Keys gained in value. That reduces the value of your

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Speaker 3: offshore holdings. But also feeding into this positive energy over

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Speaker 3: the week, you might is there a thawing in the

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Speaker 3: US China trade stand off? Some cryptic comments out of

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Speaker 3: China over the weekend. We'll see how that develops this week.

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Speaker 3: And the only negative on Friday was a bit of

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Speaker 3: a bit of a lift in US ten year treasury rates.

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Speaker 2: They went up about nine basis points. That could be significant.

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Speaker 1: I need some numbers, O, I'll give you them here

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Speaker 1: we are.

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Speaker 2: Everything's positive.

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Speaker 3: The Dow jones up one point three nine percent close

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Speaker 3: the week at forty one thy three hundred and seventeen,

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Speaker 3: the S and P five hundred just to shade off

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Speaker 3: one and a half percent gain there, closing at five

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Speaker 3: six eight six, and the NASDAK up one and a

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Speaker 3: half percent, closing at seventeen thousand, nine hundred and seventy seven,

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Speaker 3: just a sliver off the eighteen thousand mark. The forty

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Speaker 3: one hundred gained over one percent eight five nine six,

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Speaker 3: the Nike gained over one percent thirty six eight hundred

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Speaker 3: and thirty.

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Speaker 2: The Chinese market's still on holiday. The Aussie's gained.

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Speaker 3: One point one to three percent on Friday eight to

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Speaker 3: three eight leading into the election.

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Speaker 2: That was ninety two point game there and the insects.

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Speaker 3: Fifty one point four eight percent one hundred and seventy

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Speaker 3: nine points twelve thy three hundred and twenty eight Kiwi

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Speaker 3: dollar against the US point five nine thirty nine point

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Speaker 3: nine two o two against the ossie point five two

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Speaker 3: five nine, Euro point four four six eight against the pound,

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Speaker 3: eighty six point oh three. Japanese yen gold coming off

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Speaker 3: a little bit three thousand, two hundred and forty dollars

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Speaker 3: and Brent crew is still quite low sixty one dollars

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Speaker 3: and twenty nine cents.

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Speaker 1: You have an excellent day. Catchup tomorrow, Andrew Kelliherjomiwealth dot

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Speaker 1: co dot m Z. For more from the Mic Asking Breakfast,

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Speaker 1: listen live to news Talks at b from six am weekdays,

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Speaker 1: or follow the podcast on iHeartRadio