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Danske Daily: Markets Focus On US Labor Report

ByDanske Markets
Published 12/06/2013, 06:06 AM
Updated 05/14/2017, 06:45 AM

Market movers today

Main focus will be the US labour market report, which will be crucial for timing of Fed tapering. We favour January versus December by 55-45 but a decent payroll report today could easily tip the balance. We expect the headline figure to have increased by 190,000 in November, while the unemployment rate is set to decline to 7.2% driven by lower initial jobless claims and higher activity.

Plenty of other important data in the US will be out. Headline PCE should decline due to lower commodity prices, while the core measure will likely remain unchanged. Personal income is set to increase by a small amount and personal spending is expected to be higher as consumer confidence rose and retail sales were surprisingly strong in October. The University of Michigan index should pick up some momentum after it took a major dive following the government shutdown.

German factory orders are expected to decline after a very strong reading in September. Nevertheless we expect the upward trend to continue, as also suggested by recent soft indicators.

ECB's Asmussen and Nowotny are due to speak and comments about yesterday's ECB meeting will be in focus.

Markets digesting another soft message from Norges Bank yesterday.

To Read the Entire Report Please Click on the pdf File Below.

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