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(Bloomberg) — Treasuries and US stock futures posted small moves and the dollar climbed after jobs data did little to strengthen the case for further Federal Reserve interest-rate cuts. Oil advanced after President Donald Trump ramped up pressure on Venezuela.
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The US currency gained against all its Group-of-10 peers, strengthening the most versus the yen. Ten-year Treasury yields were steady at 4.15%. Europe’s benchmark stock gauge climbed 0.3%, led by energy companies after Trump’s blockade of tankers going into and leaving Venezuela lifted crude prices.
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In the UK, the slowest inflation print in eight months sent the pound 0.7% lower and lifted the FTSE 100 almost 1%.
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The latest US labor data signaled a cooling jobs market — but not one rapidly weakening — prompting traders to hold off on increasing bets for near-term rate cuts. Attention now turns to Thursday’s inflation numbers for clues on whether the narrative may shift in the final full trading week of the year.
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“Yesterday’s November US jobs data is more of a confirmation of the prior expected rate path rather than a new catalyst,” said Andrea Gabellone, head of global equities at KBC Global Services. “Data is still volatile but overall I don’t see the Fed rushing to cut earlier or more aggressively.”
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Meanwhile, the Trump administration threatened retaliation against the European Union in response to efforts to tax American tech companies, singling out prominent companies, including Accenture Plc, Siemens AG and Spotify Technology SA, as possible targets for new restrictions or fees.
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Oil Escalation
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Trump’s Venezuela oil blockade represents an escalation and follows the seizure of an oil tanker last week by US forces.
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As well as lifting crude prices, the tensions helped send gold above $4,330 an ounce, pushing it close to the record $4,381 set in October. Bullion has jumped about two-thirds this year and is on track for its best annual performance since 1979.
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Other precious metals were also gaining, with silver climbing to a record above $66 an ounce and Platinum hitting the highest since 2008.
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The contrast between the performance of US equities and commodities in December is boosting the asset class’s appeal, Ahmad Assiri, a strategist at Pepperstone Group Ltd., said in an e-mail.
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“That divergence is increasingly influencing cross asset planning and allocation decisions, with precious metals emerging as a more and more credible alternative destination for capital and reinforcing what is now a well established momentum trade,” he said.
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Elsewhere, the Indian rupee jumped 1% after the central bank stepped in to support the currency. Bitcoin slid more than 1% to trade around $86,700 as the token headed for the fourth annual decline in its history.
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