MORNING COFFEE

Payrolls Up On Census Hiring. Non-farm payrolls rose to 431,000 missing widely economist expectations of 500,000.  Almost all the new jobs were created by government hiring of temporary census workers.  Of the 431,000 jobs created 411,000 were census workers. Job creation by private companies grew at the slowest pace since the start of the year. The unemployment rate fell to 9.7% from 9.9% as people gave up searching for work. 

Hungary Could Default On Debt. Hungary’s forint dropped to its lowest level in a year against other currencies and the yield on their government debt rose substantially as investor’s fear the government could default on their debt. A spokesman for Prime Minister Viktor Orban said the economy is in a “very grave situation.” Some are saying that a default is not an exaggeration.  The news has caused world markets to drop as fear of governments defaulting on their debt increased.

 McDonalds Recalls Glasses. McDonald's (MCD) has recalled 12 million "Shrek"-themed drinking glasses after discovering the glasses contain the toxic metal cadmium. Cadmium is a known carcinogen that can cause bone softening and severe kidney problems.

Upgrades

Oracle (ORCL): Caris & Company raised their rating from Above Average to Buy and placed a target price of $29.00 on the company.

·         Futures: Dow 0.0%. S&P 0.0%. Nasdaq 0.0%. Crude +0.4% to $74.94. Gold -0.7% to $1201.

·         Asia: Japan -0.1% to 9901. Hong Kong 0.0%. China flat. India +0.6% to 17118.

·         Europe: London +0.1%. Paris -0.2%. Frankfurt +0.4%.