10 May 21 - Week Ahead, Local Earnings | Fonterra: Un-investable Global markets were higher on Friday (S&P 500 index +0.7%) as US stocks hit a fresh record after surprisingly weak jobs data eased fears about higher inflation and a reduction in stimulus. The much anticipated US employment data showed payrolls were up only 266,000 in April, trailing the projected 1m surge while the prior month was revised lower to 770k from 916k. The unemployment rate also unexpectedly ticked up, from 6% to 6.1%, in contrast to market expectations for a fall. Surprisingly, all major groups in the S&P 500 rose, and it seems there is no such thing as bad news right now – with investors taking the “glass half full” view that slowing US jobs growth ironically calmed concerns that inflation would drive up interest rates. We think it is very early to establish a trend from one data release and we will continue to monitor developments. European markets (Stoxx 600 index +0.9%) also...