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European stock markets lose 0.5% to 1%, catching up with the US and Asia. US equity markets open nearly unchanged, in line with major currency and rate markets following mixed payrolls.
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November US payrolls printed very close to expectations at 178k (vs 180k expected). The previous two month's figure went through a marginal downward revision (‐2k). The unemployment rate surprisingly fell from 4.9% to 4.6%, the lowest level since 2007, but average hourly earnings disappointed (‐0.1% M/M, 2.5% J/J).
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Construction activity in the U.K. grew at the fastest pace in eight months in November, but companies warned that rising costs are squeezing their profit margins. IHS Markit said its headline construction PMI rose to 52.8 from 52.6 in October. That's the highest since March, though it's still below the average of the past two years.
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The Trump transition team is examining proposals for US sanctions on Iran separate from its nuclear programme in a move likely to draw a furious reaction from Tehran. They could include measures that focus on Iran's ballistic missile programme or its human rights record, say congressional sources.
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Turkish President Erdogan renewed calls for lower interest rates to spur investments, and called on Turks to stop hoarding dollars and to support the lira. The Turkish currency sank to a record low with EUR/TRY hitting the 3.80 mark.
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BoE chief economist Haldane said it would be risky to raise interest rates too hastily and that he was comfortable with the BoE's recently adopted neutral stance on the future direction of monetary policy.
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This weekend Austrians and Italians go to the polling booth. The replay of the second round of the Austrian presidential election will be a toss‐up between the far left and far right candidate. Italian PM Renzi tide his faith to a referendum on Senate reform and will likely lose the vote which could topple Italy in a new political crisis.
This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.
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EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
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