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Non-Farm Payroll Friday

It is the final trading session of the week in Europe, and London currently feels like the Antarctic with the dark mornings, and freezing weather.  Both the Bank of England and ECB left rates and QE unchanged as expected, with both sterling and the euro barely moving upon the release. 

Today is Non-Farm Payrolls, which is the eagerly anticipated among traders, and can be one of the most volatile economic releases of the month. Median figure for the release is 93K, and has seen some banks revising lower following the US ADP release yesterday coming in lower than expected.  It is likely that Hurricane Sandy to have negatively impacted the print, though this could be offset by a surge in holiday season hiring. 

Headlines

In the UK, The continuing austerity measures will leave ministers seeking an additional £10 bln in cuts for 2015/16, election year, the FT reports

Asian stocks gain with China outperforming

Kcell the Kazakhstan-based mobile telecommunications group is set for IPO pricing next week, for a duel London and Almaty based floatation

British business mogul Sir Philip Green has sold a 25% stake in Topshop for 25% to a US private equity firm - CityAM

B&Q to aid tradesmen with credit for small businesses, as part of a government pilot - The Times

German regulators were briefed about Deutsche Bank’s valuation of complex derivatives which are now under investigation by the SEC - FT

Prada the luxury designer is confident for the year ahead and reported a leap in 9-month profit – WSJ

Standard Chartered US fine is set to be “only” $330m, lower than previously expected, leading to shares to rally – WSJ

Apple market cap fell below $500bn yesterday

Rolls Royce has been hit with allegations of corruption – CityAM


Economic Release: US Non-Farm Payrolls are released at 13:30pm (London)

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