A look at the morning’s market action
Wall Street futures dipped early Friday with all eyes on November nonfarm payroll figures due before the bell. Major European markets were mostly lower. TSX futures were slightly weaker with employment data also due in Canada this morning.
Traders now see a 79-per-cent chance the Fed will increase its key benchmark rate by 50 basis points at its upcoming meeting after a series of three-quarter point hikes previously. Meanwhile, chances that the Bank of Canada would hike by 50 basis points rather than 25 basis points at a policy decision next Wednesday have fallen to roughly 10 per cent from 30 per cent, money market data showed.
Markets are expecting hiring in the U.S. to moderate to about 200,000 positions, from 261,000 in October. Overseas, the pan-European STOXX 600 was down 0.21 per cent in morning trading. Britain’s FTSE 100 lost 0.33 per cent. Germany’s DAX edged up 0.14 per cent while France’s CAC 40 lost 0.25 per cent.Commodities
Traders have been closely watching the situation in China, concerned that continued restrictions could impact demand in one of the world’s top consumers of oil.“Energy traders are eagerly awaiting an OPEC+ decision that could see them keep output steady or deliver a small cut,” OANDA senior analyst Ed Moya said. “If China didn’t signal a slight COVID easy shift, the probability of a production cut would have been much greater.
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