Bonds & Stocks
The world’s largest stock market struggled to gain traction after hitting multiple all-time highs as traders geared up for the all-important US jobs report. Equities wavered, following a rally that drove the S&P 500 to its 56th record this year. The Treasury market stood a critical technical levels, with 10-year yields facing a tug-of-war between the 4.16% resistance level and the 200-day moving average of 4.21%.
Economy
Employment at US companies remained firm in November, adding to evidence of a slowing but resilient labor market. Private payrolls rose by 146,000 last month after an October increase that was revised down to 184,000, according to ADP Research Institute data released Wednesday. The median projection in a Bloomberg survey of economists called for a rise of 150,000.
World
OPEC+ delayed the revival of its oil production by three months, the third time it’s deferred the move while crude prices struggle amid a looming surplus. The group led by Saudi Arabia and Russia pushed back the series of supply increases, which had been due to begin with a hike of 180,000 barrels a day in January. It will instead start in April and unwind the cuts at a slower place than previously planned, according to a statement from the alliance.