Key Points
LONDON (Reuters) -Global equities rose on Wednesday after U.S. employment data reinforced investors convictions that rates may soon start to fall, which has pushed down bond yields and lifted gold in the past few trading days...
A separate look at job openings on Tuesday showed a bit more softness than expected but not so much as to point to a steeper slowdown in employment, while activity in the U.S. services sector held up last month...
U.S. Treasury yields held roughly around their lowest in three months, while futures markets show traders are placing a two-in-three chance of a rate cut by March, which in turn gave gold another boost and underpinned stocks...
We are starting see increasing evidence that the U.S. jobs market is starting to slow, with vacancies falling to their lowest level since March 2021 and with the last two ADP reports adding a combined 202k new jobs as private sector hiring slows, CMC Markets chief market strategist Michael Hewson said.. October saw 113,000 jobs added an improvement on September and November is expected to see an improvement on that to 130,000, given that a lot of additional hiring takes place in the weeks leading up to Thanksgiving and the Christmas period so were unlikely to see any evidence of cracking in the U.S. labour market this side of 2024, he said.. RATE-CUT BOUNCE..
The selloff in yields across the curve is strong evidence of the intense focus the market has on this weeks labour market data, with the ADP employment report due on Wednesday and non-farm payrolls on Friday, said IG analyst Tony Sycamore...
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