December 6, 2023
United States:
US Firms Added 103,000 Jobs in November, ADP Data Show
US companies scaled back hiring in November, with manufacturers shedding jobs, adding to evidence of a cooling labor market.
Private payrolls increased 103,000 last month and October’s reading was revised lower, according to figures published by the ADP Research Institute in collaboration with Stanford Digital Economy Lab. The median estimate in a Bloomberg survey of economists called for a reading of 130,000.
Europe:
Traders Eye ECB Key Rate at 2.5% as They Ramp Up Bets on Cuts
Traders are ramping up bets on monetary easing from the European Central Bank next year, raising the stakes for President Christine Lagarde as she prepares for a policy meeting next week.
Markets fully priced six quarter-point rate cuts by the European Central Bank in 2024 earlier on Wednesday, a move that would take the key rate to 2.5%. Although bets were pared slightly later in the day, Deutsche Bank helped stoke the dovish sentiment by revising its outlook to also forecast 150 basis points of cuts.
Asia:
PBOC Steps Up Yuan Support Via Fixing After Moody’s Outlook Cut
China ramped up its support for the yuan via the daily reference rate, as market sentiment took a hit after Moody’s Investors Service cut its credit outlook for the nation.
The PBOC set the daily reference rate for the managed currency at 7.1140 per dollar, versus an average estimate at 7.1486 in a Bloomberg survey. The gap between the two was the largest in more than two weeks, a sign that Beijing is boosting its efforts to prevent declines in the Chinese currency.
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