November 3, 2023
United States:
US Jobs Data Show Broad Cooling After Run of Surprise Strength
US job growth slowed by more than expected and the unemployment rate rose to an almost two-year high of 3.9%, indicating that employers’ strong demand for workers is beginning to cool.
Nonfarm payrolls increased 150,000 in October following downward revisions to the prior two months, a Bureau of Labor Statistics report showed Friday. Monthly wage growth slowed.
Europe:
Europe Gas Swings as Market Weighs Supply Risks and Tepid Demand
European natural gas prices swung between small gains and losses, as the market took stock of abundant inventories and mild weather in the face of continuing supply risks.
Benchmark futures traded in a range near €50, a sign that traders see that marker as a floor for now. The front-month contract is still headed for its third straight weekly decline.
Asia:
Why China Suffered a Liquidity Scare and Why It Could Come Again
A brief cash squeeze rattled China’s money markets earlier this week, illustrating how the nation’s tightly-managed financial system is under strain from the government’s deluge of debt sales.
Interest rates on an overnight interbank loan soared to as high as 50% in isolated transactions for non-bank institutions on Tuesday, worsening a usually mild month-end funding crunch. A confluence of factors, from capital requirements for banks to tax payments and large government bond sales, were behind the surge in demand.
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