China Apr HSBC China Services PMI declines to 51.1 vs 54.3

It was a “risk on” day across all asset classes after the better than expected US Jobs Data helped fuel a sharp rally in both equities and commodities. The S&P 500 closed the week at a new all time high of 1614.40. However, the real action was in copper which had its largest move in 18 months. The 6.45% jump was likely helped by the fact the most recent COT report showed speculators holding the largest net short position in history (30,016 contracts). Gold managed to close the day 0.27% higher at 1470, while silver closed up 1.21% at 24.08. On a final note, oil also had a strong day closing up 1.72% at 95.61.