Financial Markets Daily Report05 December 2022
Investors closed the week trading cautiously, taking on board data confirming a slowdown in the pace of job creation in the US but at a reduced pace relative to expectations.
- Investors closed the week trading cautiously, taking on board data confirming a slowdown in the pace of job creation in the US but at a reduced pace relative to expectations.
- In particular, non-farm payrolls rose by 263.000 in November, slightly below the previous month (284.000) but well above the consensus (Bloomberg: 200.000). In addition, average hourly earnings rose by 0.6% m/m (5.1% y/y), after 0.5% in the previous month (4.9% y/y), while the jobless rate was unchanged at 3.7%, in line with expectations.
- In this context, sovereign bond yields rose modestly while equity prices closed with mixed results. Oil prices dropped ahead of the OPEC+ meeting on Sunday, where members decided to keep its output policy unchanged.
- This week, the final service PMI for November are released today across advanced economies, followed by industrial production figures for Germany and exports data for China on Wednesday.