US EARLY MORNING: US equity futures are flat, Treasury yields wider ahead of today's key jobs data

US PRE-MARKETS: US equity futures are trading around flat ahead of today’s key jobs data, that will help inform expectations for future Fed policy (the FOMC meets next week and is likely to keep policy unchanged, but today’s jobs data and next week’s CPI data will set the tone for how much scope the Fed has to cut rates in 2024). Treasury yields are rising ahead of the jobs report, with many attributing the upside as sympathy with JGBs, which have this week come under pressure after BoJ boss Ueda hinted that the central bank could look at exiting negative rates, perhaps as soon as this year. Some are also arguing that aggressive expectations of Fed rate cuts next year are overblown, and the Fed is likely to push back on this next week, which may also be weighing on the complex. The Dollar Index is flat. Crude futures are higher amid some reports that shorts were closing out bearish trades after the slide this week brought oil benchmarks into oversold territory, but crude is still on course for a seventh weekly loss amid signs of a potential supply surplus and a weakening demand-side of the equation.

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08 Dec 2023 - 09:30- Data- Source: Newsquawk

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