Market on Risk-Off Mode amid Evidence on Slowdown

The market is on risk-off mode in Asian session Monday amid fears of recession. Oil prices extended weakness Friday's selloff while gold remained firm as demand for safe-haven asset increased. Last Friday, the US employment report showed no growth in payrolls in August. While part of the reason was Verizon's strike which deducted 45K of workers in the market, the addition in payrolls was still lower than previously estimated even if these positions were added back. Private sector positions increased +17K during the month, down from +156K in July, but were offset by the -17K decline in government jobs. The unemployment rate stayed unchanged at 9.1%. The set of data signaled the lack of confidence in both employers and consumers as policymakers have made little progress on bolstering the economy.

See the original post: 
Market on Risk-Off Mode amid Evidence on Slowdown