http://www.businessinsider.com/european-markets-open-dec-5-2014-2014-12
Get Ready For The US Jobs Report. The Department of Labor will release its November employment situation report at 8:30 a.m. ET. Economists estimated US companies added 230,000 net nonfarm payrolls, which would be right in line with the monthly average for 2014. The unemployment rate is expected to remain unchanged at 5.8%, which is a six-year low.
The Bull's Take. In a note to clients ahead of the report, Brian Jones at Societe Generale, who expects nonfarm payrolls grew by 275,000 in November, said: "Our analysis suggests that last month's readings on hiring, joblessness and wages will support the more upbeat assessment of labor-market conditions expressed by monetary policymakers following their October gathering." Jones added that while his forecast was above consensus expectations, a reading in line with his estimates would not alter his expectation that the Fed would keep interest rates at 0% to 0.25% until next June.
The Bear's Take. Ian Shepherdson at Pantheon Macroeconomics expects nonfarm payrolls grew by just 180,000 in November, owing to the severe weather seen in the northern Midwestern states at the end of the month. Shepherdson expects, however, that the October report will be revised higher, and he expects that down the road, November's number will also be revised higher. Since 2009, November payroll gains have had a median upward revision of 71,000 after two months' worth of revisions.
Markets Are Up A Bit. US futures are in the green, with Dow futures up 25 points and S&P futures up 2 points. Europe is up, with Britain's FTSE 100 up 0.6%, France's CAC 40 up 1.2%, and Germany's DAX up 1.3%. Asia closed higher, with Japan Nikkei rising 0.2%, Hong Kong's Hang Seng up 0.7%, and the Shanghai composite up 1.3%.
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