Economists surveyed by Refinitiv expect to know that only 71,000 jobs were created last month, by far the lowest figure since the start of the labor market recovery in May.
What’s happening: The United States is facing another explosion in coronavirus cases. In less than two weeks, the country recorded its deadliest five days since the pandemic broke out, with more than 4,000 virus-related deaths reported on Thursday. This influences job creation as trade restrictions increase and more people choose to stay home.
“The increase in COVID-19 cases, hospitalizations and deaths means that our health and economic problems are far from over,” said Elise Gould, a senior economist at the Institute for Economic Policy, a progressive think tank. “President-elect Biden inherits an extremely troubled economy, with millions of families trying to stay afloat.”
Wall Street, however, is overcoming this winter’s problems, betting that vaccination programs can boost growth and corporate profits starting this spring. Stocks rallied to record highs on Thursday, despite violence in the Capitol the day before and a furious pandemic.
This is due, in part, to high expectations for Democrats. Now that the party has taken control of the Senate – as well as the House of Representatives and the White House – after winning both seats in Georgia, investors are betting that another stimulus package can be passed quickly.
Deutsche Bank predicts Congress will soon approve a $ 900 billion stimulus package “built around new stimulus controls, funding for state and local governments and improvements in unemployment benefits,” which it considers boosting economic growth of the US at 6.3% in 2021, about two percentage points higher than the bank’s previous forecast.
Watch this space: there is a decent chance that the job ratio will be even worse than expected, which could shake investors. Goldman Sachs expects to learn that the US economy lost 50,000 jobs in December, marking the first month of losses since a devastating April.
Hyundai’s stock is growing compared to the fact that it could build the Apple car
Hyundai shares had the best day in at least two decades after it was reported that the South Korean automaker was in early talks with Apple to develop self-driving electric cars, reports my CNN Business colleague Jill Disis.
Details, details: Nothing has been completed. But several media outlets reported on Friday that Hyundai has confirmed that it has talks with Apple. The news was initially reported by Korea Economic Daily TV and then confirmed by Reuters and Bloomberg.
CNN Business could not confirm the nature of the talks. Hyundai said in a statement that “we are receiving proposals for cooperation from various companies, but no decision has been made yet.” Apple declined to comment.
Even so, the manufacturer’s shares are growing. Its stock has grown by more than 19% in Seoul.
Both companies have reason to consider a partnership. Discussions about Apple’s interest in self-driving electric cars have grown. A Reuters report said last month that Apple plans to produce a passenger vehicle by 2024. Bloomberg reported this week that Apple has begun work on the early development of an electric vehicle, but any resulting product would be at least five years away. .
In a world increasingly connected to the Internet, selling services for next-generation cars could become a huge deal for Apple.
Bitcoin exceeds $ 40,000 just days after $ 30,000 passed
Bitcoin first surpassed $ 19,000 in December 2017 before collapsing dramatically to about $ 3,200 a year later. But those who kept the cryptocurrency probably feel satisfied.
Prices fell back to $ 39,000 on Friday morning. But the value of all Bitcoin in circulation remains impressive, reaching about $ 738 billion, according to CoinMarketCap. The value of all cryptocurrencies is now approaching $ 1.1 trillion.
Investors have been coming to Bitcoin in recent months, with the cryptocurrency increasingly being seen as a mature asset. Grayscale Investments, the world’s largest cryptocurrency asset manager, says interest is growing from players in institutions such as pension funds and facilities.
“It is encouraging to see a more serious analysis of Bitcoin and the asset class of digital currency in general, as it has real potential to reshape global finance as we know it,” CEO Michael Sonnenshein said in an e-mail. mail to CNN Business.
However, there are still many questions about price. In a note released Thursday, Bank of America told customers that Bitcoin’s rally over the past two years “blows the doors of previous bubbles.” Alex Mashinsky, CEO and founder of Celsius Network, a cryptocurrency asset manager, estimates that Bitcoin could reach $ 16,000 before the end of the first quarter.
It follows
The US job report for December arrives at 8:30 AM ET.