North American employment numbers came in stronger than expected. US Nonfarm Payrolls (227K vs street 200K, previous revised up to 26K from 12K), and Canada employment change (50.5K vs street 25K) both beat expectations. Wage inflation data, being Canada Average Hourly Wages (3.9% vs previous 4.9%), and US Average Hourly Earnings (4.00% vs street 3.9%) were subdued.
US index futures have moved up slightly since the payrolls came out with the three main contracts now trading up 0.1% to 0.2%. Over in Europe, the Dax is up 0.2% and the FTSE is flat.
US Crude Oil is down 1.0% today, trading near $67.50/bbl. Yesterday, OPEC+ extended some supply cuts to April and others to the end of 2026, indicating that weak demand remains a big concern in the marketplace. Other commodity action is mixed with natural gas down 1.5% and copper up 1.2%.
Bitcoin was unable to hold above $100,000 yesterday in what looks like a possible Buying Climax or Key Reversal Day, and so far today it is down 0.1%. Gold and Silver, meanwhile, are both up about 0.5%. The US Dollar is quiet today.
MARKET OUTLOOK NOVEMBER 2024 – Visit the link to view the recording of November’s Market Outlook Webinar with Colin Cieszynski, where he explores topics such as the impact of the US Election results on the Markets, updates on Portfolios and Performances, and examples of Peer comparison and risk-adjusted metrics.