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Futures Fade as Payrolls Clear Runway to Faster Taper

EQUITIES
  • Equity markets traded lower Friday, with the e-mini S&P dropping around 50 points and accelerating the decline on release of the November jobs report. While headline jobs gained came in well below expectations, a solid household survey showed a sizeable drop in the unemployment rate and better labour force participation numbers.
  • The e-mini S&P found support ahead of the Dec 1st lows at 4497.75, but weakness across technology and consumer discretionary names prevented any material rebound in headline indices.
  • Notable decliners included Tesla, which slipped over 6% as disclosure documents showed the CEO Musk was a seller of shares for a fourth consecutive week. The stock neared November lows, putting the market cap under pressure just above the $1 trillion mark.
  • European trade was similarly negative, with German's DAX and the EuroStoxx50 shedding 0.6-0.7% apiece.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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