Argentina Jobless Rate Falls in Q3

News Event

From Trading Economics: The unemployment rate in Argentina decreased to 8.5 percent in the third quarter of 2016 from 9.3 percent in the previous quarter. There were 1.069 million unemployed people; 1.27 million underemployed and 11.477 million employed. Among the 6 regions considered, Gran Buenos Aires recorded the highest jobless rate (10 percent), followed by Pampeana (8.4 percent). Unemployment Rate in Argentina averaged 9.55 percent from 2002 until 2016, reaching an all time high of 20.80 percent in the fourth quarter of 2002 and a record low of 5.90 percent in the third quarter of 2015.

Market Closing Wrap

In European Equity Markets stocks endured a choppy trading session Friday, fluctuating between small gains and losses over the course of the day. The majority of the markets ended the session with small gains. Bank stocks were under pressure ahead of the upcoming Italian referendum on constitutional reform. The vote is set to occur on December 4. Austria will also hold its presidential election on the same day. Actelion jumped 16.8 percent in Zurich after a Bloomberg report showed that U.S. healthcare company Johnson & Johnson has approached the Swiss biotech firm about a potential takeover. The pan-European Stoxx Europe 600 index advanced 0.20 percent.

In Currency Markets sterling slipped against the euro on Friday but was still on track for its longest run of weekly gains since early 2015, with investors switching their focus from the political risks facing Britain towards those facing the euro zone. Data confirming that Britain's economy grew 0.5 percent in the third quarter, as anticipated, and that business investment expanded more than expected, had little impact on the currency. Against the dollar, sterling is still down 16 percent since the Brexit vote, though it was 0.1 percent up at $1.2455 on Friday. Analysts are split over the broader outlook for sterling heading into early 2017, when Article 50 is due to be triggered, kicking off formal Brexit talks with Brussels.

In Commodities Markets oil prices fell more than 2 percent on Friday, dragged down by uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal, after Saudi Arabia said it will not attend talks on Monday with non-OPEC producers to discuss supply cuts. Brent crude futures were trading at $47.79 a barrel at 11:30 a.m. New York time, down $1.21. U.S. crude futures was at $46.84 a barrel, down $1.12. Overall activity on both contracts was thin after the U.S. Thanksgiving holiday and ahead of the weekend. A decline in China's October crude oil imports to their lowest on a daily basis since January added to the bearish tone.

In US Equuity Markets indices extended their record-setting rally on thin volumes on Black Friday, with the Dow and S&P hitting record highs, helped by gains in retailers at the start of the crucial holiday shopping season.  Nine of the 11 major S&P sectors were trading higher, led by a 1.58 percent rise in utilities. The consumer staples index rose 0.8 percent, giving the biggest boost to the S&P 500. The energy sector, fell 0.6 percent, pulled down by a 2.7 percent drop in oil prices amid uncertainty that the OPEC would arrive at a decision to cut production during a meeting next week. The S&P 500 was up 5.39 points, or 0.24 percent, at 2,210.11, easing slightly from an all-time high of 2,210.75.

In Bond Markets Germany's two-year government bond yield set a new record low to cap its biggest two-week fall in more than three years on Friday, highlighting demand for top-rated assets even as global bond markets take a beating. Demand for German debt for use as collateral for short-term lending in repo markets has helped drive two-year bond yields lower this week. Jitters ahead of an Italian referendum on Dec. 4 have also bolstered demand for German bonds, regarded as among the safest assets in the world. Germany's two-year Schatz yield dipped as far as minus 0.76 percent, its 15 basis point fall over the last two weeks its biggest decline since July 2013.

Source: Institute of Trading and Portfolio Management