What are the main events for today?

What are the main events for today?

Summary

- The highlights include the US NFP report, the Canadian employment data and the University of Michigan consumer sentiment survey

EUROPEAN SESSION

In the European session, we don't have much on the agenda other that a couple of low-tier releases like the Swiss consumer confidence and the Eurozone retail sales. The data won't change anything for the respective central banks, so the market reaction will be muted.

The focus remains on the fallout from the US midterm elections and the US-Iran situation. The rout in tech stocks has weighed on growth expectations, putting pressure on Treasury yields and rate hike expectations. The probabilities for a December Fed rate hike fell to 67%, from roughly 80% earlier in the week.

AMERICAN SESSION

In the American session, we get the US NFP report, the Canadian employment data and the University of Michigan consumer sentiment survey. The NFP is expected at 65K vs 29K, with the unemployment rate remaining unchanged at 4.2%. The Average Hourly Earnings Y/Y is expected at 2.9% vs 3.0% prior, while the M/M measure is seen at 0.3% vs 0.1% prior.

The reaction to data is going to be tricky because there could ...