Markets Digest Soft US Job and Sales Numbers

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It is catch-up day for US Nonfarm Payrolls. October payrolls fell by 105K jobs, while November payrolls rebounded modestly and exceeded expectations at 64K versus Street estimates of 50K. Overall, the reports appear soft. However, both releases were likely distorted by the US government shutdown, making it difficult to determine whether the weakness represents a temporary blip or a developing trend.

Headline US retail sales were slightly below expectations (0.0% vs Street 0.1%) and grew more slowly year over year (3.5% vs previous 4.2%). Retail sales excluding autos, however, were slightly better than expected (0.4% vs Street 0.3%).

Flash PMI reports for December have been mixed. Japan and the UK generally came in better than expected, while continental Europe was generally weaker than expected. US Flash Manufacturing PMI (Street 52.0) and US Flash Services PMI (Street 54.1) are due at 9:45 am EDT.

US index futures have edged lower following this news and are currently trading flat to down 0.2%. In Europe, the FTSE is down 0.5% and the DAX is down 0.3%. Asia-Pacific markets saw losses, with both the Nikkei and the Hang Seng down 1.5%. Commodities are weaker today, with crude oil down 1.9% and copper lower by 0.6%. Currency markets are quiet, with Gold and the Loonie holding steady, Silver down 0.4%, and Bitcoin up 1.3%.

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