European Stock Futures Fall Before US Jobs Data: Markets Wrap

US Jobs

Friday’s US nonfarm payrolls data is expected to show a slowdown in hiring in an otherwise robust labor market. Median estimates for the figures forecast that 165,000 jobs were added to the economy in December. The unemployment rate is forecast to hold steady at 4.2% and average hourly earnings growth is seen cooling a touch from a month earlier.

The jobs data will offer a litmus test for the market’s “hawkish Fed pricing,” according to strategists Ian Lyngen and Vail Hartman at BMO Capital Markets. They noted that the implication from the bounce in Treasuries is that the pre-payrolls setup will be slightly more balanced – despite a bias favoring a strong showing from the employment figures.

“The resulting skew will leave the Treasury market poised to respond with a stronger bid in the event of a downside surprise than any selling pressure that might emerge on a strong report,” they noted.

Elsewhere, the pound remained under pressure after slipping to a more than one-year low in the prior session as gilts sank on concern the UK’s Labour government will struggle to keep the deficit in check as borrowing costs surge. Australia’s 10-year yield climbed.

Oil headed for a third weekly gain as signs of market tightness, including falling US stockpiles, offset concerns about demand weakness from China.

Some of the main moves in markets:

Stocks

• S&P 500 futures were little changed as of 6:35 a.m. London time

• Nasdaq 100 futures fell 0.1%

• Futures on the Dow Jones Industrial Average were little changed

• The MSCI Asia Pacific Index fell 0.7%, more than any closing loss since Dec. 20

• The MSCI Emerging Markets Index fell 0.4% to the lowest since Sept. 11

• S&P 500 futures were little changed

• S&P/ASX 200 futures fell 0.4%

• Japan’s Topix fell 0.8%, falling for the third straight day, the longest losing streak since Dec. 20

• Hong Kong’s Hang Seng fell 0.9%, falling for the fifth straight day, the longest losing streak since Nov. 15

• The Shanghai Composite fell 0.9%, more than any closing loss since Jan. 3

• Euro Stoxx 50 futures were little changed

Currencies

• The Bloomberg Dollar Spot Index rose 0.2% to the highest in more than two years

• The euro weakened 0.1%,falling for the fourth straight day, the longest losing streak since Dec. 12

• The Japanese yen fell 0.1% to 158.35 per dollar

• The offshore yuan was little changed at 7.3543 per dollar

• The Sterling weakened 0.2%, falling for the fourth straight day, the longest losing streak since Nov. 15

Cryptocurrencies

• Bitcoin rose 2% to $93,906.37

• Ether rose 1.8% to $3,267.24

Bonds

• The yield on 10-year Treasuries advanced zero basis points, climbing for the sixth straight day, the longest winning streak since Dec. 19

• Germany’s 10-year yield advanced two basis points to 2.57%

• Britain’s 10-year yield advanced two basis points to the highest in more than 16 years

• Australia’s 10-year yield advanced six basis points to 4.55%

Commodities

• Spot gold rose 0.4%, climbing for the fourth straight day, the longest winning streak since Dec. 11

• West Texas Intermediate crude rose 0.5% to $74.29 a barrel

• Spot gold rose 0.4%, climbing for the fourth straight day, the longest winning streak since Dec. 11

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Qizi Sun.

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