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Opening Nutshell
Overnight financial markets got a nasty jolt as a shocking report on US
private sector employment and a grim outlook from technology bellwether
Intel reminded investors of the headwinds facing the global economy.
ADP Employer Services said 693,000 private sector jobs were axed in
December, up sharply from the revised 476,000 drop in November and far
more than the Street had estimated. The data prompted fears that
Friday’s December Non-Farm Payrolls report would be very weak.
November’s report showed a drop of 533,000, the worst fall since
December 1974.
Eurozone interest rates remained firmly on investors’ radar screen,
meanwhile, after news that German unemployment rose in December for the
first time since February 2006. Eurozone producer prices also fell at
their sharpest rate on record in November following the biggest drop in
energy prices for at least 18 years, adding to the case for the European
Central Bank to cut interest rates at its next policy meeting January
15.
The Bank of England is widely expected to further cut borrowing costs
later today. Markets project a 50 bp ease from 2% in the official policy
rate, but BNPP economists insist that it is very possible that the
Monetary Policy Committee could produce a third successive reduction of
100 bp.
Overnight financial markets got a nasty jolt as a shocking report on US
private sector employment and a grim outlook from technology bellwether
Intel reminded investors of the headwinds facing the global economy.
ADP Employer Services said 693,000 private sector jobs were axed in
December, up sharply from the revised 476,000 drop in November and far
more than the Street had estimated. The data prompted fears that
Friday’s December Non-Farm Payrolls report would be very weak.
November’s report showed a drop of 533,000, the worst fall since
December 1974.
Eurozone interest rates remained firmly on investors’ radar screen,
meanwhile, after news that German unemployment rose in December for the
first time since February 2006. Eurozone producer prices also fell at
their sharpest rate on record in November following the biggest drop in
energy prices for at least 18 years, adding to the case for the European
Central Bank to cut interest rates at its next policy meeting January
15.
The Bank of England is widely expected to further cut borrowing costs
later today. Markets project a 50 bp ease from 2% in the official policy
rate, but BNPP economists insist that it is very possible that the
Monetary Policy Committee could produce a third successive reduction of
100 bp.
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[此贴子已经被作者于2009-1-23 8:18:48编辑过]
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