Stronger than expected US employment data set the tone for markets on Friday. Nonfarm payrolls rose by 165k in October, well above expectations, while previous months were revised up by a further 84k. The unemployment rate edged down to 4.1%, reinforcing expectations of a further Fed rate hike in December.
US Treasury yields moved higher across the curve and the dollar strengthened broadly. In Europe, sovereign yields were little changed overall, although peripheral debt outperformed Bunds. Equity markets traded mixed, with European indices closing lower while US stocks rebounded from the previous session’s sharp sell off, supported by gains in technology shares.
In commodity markets, oil prices posted modest gains amid renewed reports of a possible diplomatic opening between the US and Iran, although ongoing tensions in the Middle East continued to provide support to crude prices. Meanwhile, European gas prices declined sharply, with TTF natural gas falling around 5% and closing below 90/MWh.
BANCO BPI, S.A., com sede na Avenida da Boavista, 1117, 4100-129 Porto; Capital Social: € 1 293 063 324,98; matriculada na CRC Porto sob o número de matrícula PTIRNMJ 501 214 534, como o número de identificação fiscal 501 214 534. Intermediário financeiro registado na CMVM com o n° 300 e no Banco de Portugal sob o código n° 10. Agente de Seguros n.º 419527591, registado junto da Autoridade de Supervisão de Seguros e Fundos de Pensões em 21/01/2019, e autorizado a exercer atividade nos Ramos de Seguro Vida e Não Vida.