PARIS (Reuters) – The main European stock markets are expected to rise modestly at the opening on Friday before the publication of the employment report in the United States, the last indicator on American employment before the next meeting of the Federal Reserve.

Futures contracts suggest an opening up 0.15% for the Parisian CAC 40, compared to 0.18% for the FTSE in London, 0.10% for the Dax in Frankfurt, and 0.16% for the EuroStoxx 50.

The monthly report on non-farm employment in the United States will be released at 1:30 p.m. GMT by the Labor Department.

This will be the last indicator on US labor markets to be published before the next meeting of the Federal Reserve on December 13, and an upside surprise could force investors to review their positioning: markets anticipate a pause in rate increases in December, made possible in particular by the cooling of the labor markets.

However, three different indicators published this week showed that employment tensions were starting to dissipate: the Jolt survey showed that the number of job offers in October was at its lowest since the start of 2021, the ADP survey indicated that the private sector created fewer jobs than expected in November, and new jobless claims rose last week.

VALUES TO FOLLOW:

A WALL STREET

The New York Stock Exchange ended up on Thursday, as Alphabet’s presentation of its latest artificial intelligence model and the launch of a new generation of chips by AMD brought a wave of optimism to the sector.

The Dow Jones index gained 0.17%, or 62.95 points, to 36,117.38 points. The broader Standard & Poor’s 500 gained 36.25 points, or 0.80% to 4,585.59 points. The Nasdaq Composite advanced 193.28 points (1.37%) to 14,339.994.

IN ASIA

The Tokyo Stock Exchange ended lower on Friday, with export values ​​falling amid a strengthening of the yen against the dollar due to growing bets on a tightening of monetary policy by the Bank of Japan (BoJ). The Nikkei index lost 1.68% to 32,307.86 points and the broader Topix lost 1.53% to 2,323.79 points.

Several Toyota subsidiaries posted the largest declines in the Nikkei index: JTEKT lost 4.98%, Toyota Tsusho 4.88%, Subaru 4.13%, Denso 4.51% and Toyota Motor 3.7%. .

Chinese indices remained near five-year lows, with investors cautious ahead of possible new support measures. The Shanghai SSE Composite rose 0.11%, the CSI 300 rose 0.24%.

RATE

US yields are on the rise in a wait-and-see environment. The ten-year Treasury yield advances 2.2 bps to 4.1549%, while the two-year rate rises 2.8 bps to 4.6078%.

The yield on the German ten-year rate climbs 1.3 bp to 2.207%, while that of the two-year rate rises 2.2 bp to 2.615%.

CHANGES

Foreign exchange markets are calm ahead of the release of the non-farm payrolls report, while the yen remains near its highest since August, as investors begin to anticipate a tightening of monetary conditions in Japan.

The dollar gains 0.19% against a basket of reference currencies, while the euro loses 0.12% to 1.0779 dollars, and the pound sterling is stable at 1.2579 dollars.

In Asia, the yen is standing still at 144.11 yen per dollar, while the Australian dollar is up 0.12% at 0.6609 dollars.

OIL

Oil rebounds after Russia and Saudi Arabia, the world’s top two oil exporters, called on OPEC+ members to cut production. The unwinding of short positions also helped to support prices.

Brent advanced 2.05% to $75.57 per barrel, with American light crude (West Texas Intermediate, WTI) gaining 1.98% to $70.71.

MAIN ECONOMIC INDICATORS ON THE AGENDA OF DECEMBER 8

COUNTRY GMT INDICATOR PERIOD PREVIOUS CONSENSUS

USA 1:30 p.m. Job creation November 180,000 150,000

Unemployment rate 3.9% 3.9%

Average hourly wage +0.3% +0.2%

– over one year +4.0% +4.1%

USA 3:00 p.m. December confidence index 62.0 61.3

Michigan (1st estimate)

*first estimate

(Written by Corentin Chappron, edited by Tangi Salaün and Kate Entringer)

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