Before US Jobs, Stocks Fall & Brent Drops Below $60 – Europe Market Wrap
US stock futures fell and the dollar stayed near two-month lows as investors reduced risk ahead of a critical US jobs data that would provide hints about the path of interest rates.
Contracts for the S&P 500 declined 0.2%, while those for the Nasdaq 100 sank 0.4%. European equities saw little movement. Brent crude fell below $60 per barrel for the first time since May, and gold retreated after five days of advances. Bitcoin fell by more than 1% before recovering to roughly $86,000.
Treasury 10-year yields remained at 4.18% after easing on Monday amid expectations that the Fed will cut rates twice next year to bolster the labour market.
In Europe, private-sector activity in the eurozone increased slower than predicted in December, as Germany’s manufacturing sector unexpectedly weakened.
Brent crude oil fell as much as 1.6% to $59.60 as signs that supply is surpassing demand amid efforts to end the war in Ukraine.
