US indices dipped back a little late in the session yesterday to close modestly lower with DJIA the exception. Perhaps some modest profit taking was setting in ahead of today's non farm payrolls print. Consensus is looking for a rebound to 200k jobs created with the unemployment rate expected to edge up to 4.2%. US job gains are expected to post a strong recovery from the modest 12K print in October, which was heavily influenced by Boeing strikes and the disruptions caused by Hurricanes Helene and Milton. A softer reading today would not necessarily be a bad thing for equities as it would strengthen the case for another 25bp rate cut from the Fed in a couple of weeks time, but there will be a rebound of some sort irrespective. Overnight China markets were up solidly ahead of next week's Central Economic Work Conference which will outline China’s economic priorities and targets for 2025. Other Asian indices saw some profit taking. European indices are set for a modest dip at the open to close the week. In UK corporate news Berkeley Group delivered £275 million of pre-tax profit for the six months with net cash at £474 million. James Halstead reported that trading in the current financial year is on track to meet management expectations of continued progress. The US10Y is under 4.2% ahead of today's non farm payrolls print, DXY is under 106. Obviously the labour market report is key today.
Bitcoin is currently experiencing a small correction following yesterday's milestone. Overall sentiment in the crypto market remains positive, driven by investor optimism that President-elect Trump will adopt a more favourable stance toward the sector than the Biden administration. This week, Trump nominated Paul Atkins, who is sympathetic to the industry, as the new SEC Chair, and David Sacks, a former PayPal colleague of Elon Musk, as a “Crypto Tsar” tasked with clarifying the legal framework. Enhanced regulation is widely viewed as one of the most pressing priorities for the incoming administration.
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MSI INTERNATIONAL
MS INTERNATIONAL plc ( MSI ) is a UK-based engineering group with a long history of designing, manufacturing, and servicing a diverse range of products for global markets. Its operations span advanced defense systems, specialized forgings, bespoke petrol station superstructures, and…
