US equity futures remained unchanged ahead of the key November jobs report that may influence the Federal Reserve’s policy path. The dollar edged higher, putting it on track to rise for a ninth week in 10. Treasury yields rose and oil continued its decline. A surprise hot number could lead to a shift in market sentiment.
Economists predict US nonfarm payrolls rose by 220,000 in November, following weather-related disruptions and strikes. The report precedes the Fed’s next interest-rate decision, with traders expecting a possible quarter-point reduction. Analysts warn of an oversized reaction due to lighter-than-usual market volumes.
France’s markets appeared more upbeat after National Rally leader Marine Le Pen hinted at a budget delivery within weeks. Meanwhile, US stocks and cryptocurrencies have propelled the S&P 500 towards its best year since 2019, sparking concerns about asset class valuations. Bank of America strategist Michael Hartnett warns of an “overshoot” risk in early 2025 if the index approaches $6,666 points.
Bitcoin’s slump deepened after it retreated from a record high above $103,000, with its decline reaching as much as 7%. The digital asset now boasts a market capitalization comparable to that of the 11th largest economy.
Source: https://finance.yahoo.com/news/asian-stocks-echo-us-drop-222645511.html