- US Companies Ramped Up Hiring In December, ADP Shows
- US Jobless Claims Falls Amid Labour Market Steadily Cooling
- US Mortgage Rates Increase In First Time Since Late October
- St Louis Fed Names Ex-Tudor, NY Fed Executive As President
- Blinken Sent To Mideast Again As Risk Of Wider War Increases
- US Admiral: Houthi Red Sea Attacks Show No Sign Of Abating
- BoJ Easing Exit In First Half Still On Table Despite Earthquake
- German Inflation Jumps Less Than Expected In Boost For ECB
- UK PM Sunak Indicates Wants Election In Second Half Of Year
- 10-Year Treasury Yield Approaching 4% Again After Jobs Data
- Oil Falls As Rising Gasoline Inventories Signals Shaky Demand
- HSBC Warn Another ‘Reverse Goldilocks’ May Soon Hit Stocks
Ahead of the US jobs report on Friday, survey data signalled that the labour market remained solid into the end of the year.
Market consensus pointed to non-farm payroll gains of 171,000 in December from 199,000 in November. Growth over the past few months had been affected by strike action to the tune of approximately 30,000. The unemployment rate is expected to have ticked up a tenth to 3.8%. Wages are forecast to remain steady at 0.3% m/m and 3.9% y/y.
“In the details, we anticipate continued weakness in the information/tech and finance sectors, while government jobs likely stayed perky (note that the government has contributed 64k jobs on average to payrolls every month since July),” posited TDS Securities in a note. (LiveSquawk - Continue Reading)
Changes in reporting are expected to spawn an increase in December’s headline inflation rate for the euro area, but the core rate is set for a decline.
An economists’ poll estimated that the annual rate of Eurozone inflation rose to 2.9% last month from 2.4% in November. The core rate is expected to ease to 3.4% from 3.6% in the previous month.
The European Central Bank’s inflation target is 2% over the medium term, and the public lender last month held interest rates at levels set in September after November headline consumer price growth in the single currency area fell to its lowest mark in more than two years. (LiveSquawk - Continue Reading)
Traders pared expectations for interest-rate cuts at major central banks this year after fresh data suggesting greater resilience among global economies.
Money markets priced in 139 basis points of easing from the Fed this year, versus 145 basis points Wednesday, after a private job report showed US companies ramped up hiring in December. The odds of a rate cut in March, the earliest time traders expect the easing cycle to start, slid to about 64%, compared with 70% a day earlier.
US Treasuries fell across the curve, with 10-year yields rising 8 basis points to about 4%. In Europe, the German 10-year yield rose 11 basis points to 2.14%, putting it on track for the biggest increase since July. (BBG - Continue Reading)