European stock markets are expected to decline slightly a few hours before the publication of monthly employment figures in the United States, the next unknown for the markets now that that of the US debt ceiling has been temporarily lifted.
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Index futures suggest a fall of 0.15% for the Frankfurt Dax and 0.10% for the EuroStoxx 50.
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All gained well over 1% on Thursday, taking advantage of the relief of the prospect of a agreement in US Congress on raising US debt ceiling.
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This agreement, which rules out the risk of a US default until early December, has already been adopted by senators and should be adopted without difficulty in the House of Representatives, giving parliamentarians eight weeks to try to find a solution. sustainable solution by agreeing on the budget plans of the Biden administration.
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The US Department of Labor’s monthly report, which will be released at 12:30 p.m., should mark an acceleration in the employment recovery in September, according to the Reuters consensus which expects 500,000 jobs created in one month. The numbers will mostly be studied in terms of their implication for monetary policy as the Federal Reserve prepares to reduce its bond purchases by monitoring both employment and inflation.
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With the covid clearly on its way down again, I think the jobs report should be pretty good. But there are still tensions in the labor market, as the labor supply remains very tight.
James Knightley
ING chief economist in New York
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“With the covid clearly on its way down again, I think the jobs report should be pretty good,” said James Knightley, ING’s chief economist in New York. “But there are still tensions in the labor market, as the labor supply remains very tight.”
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Other important factors that could influence the market trend on Friday include the reopening of Chinese markets after the non-working week of the national holiday, a recovery for the moment without a hitch, thanks, among other things, to the announcement of a return to growth in the activity of the service sector in September.
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However, investors are waiting for the next episodes of the Evergrande dossier, pending for eight days.
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