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OPEC formalized a 500k bpd production cut, with additional voluntary cuts from Saudi Arabia.
US data: Non-Farm Payrolls (Nov) printed at 266k, well above expectations of a 180k rise. Previous reports were also revised up by 41k. Average Hourly Earnings rose just 0.2% m/m (3.1% y/y), keeping a lid on the ensuing US dollar strength. Separately, the UofM Consumer Sentiment report improved to 99.2, above estimates of a 97.0 reading.
FX: The New Zealand dollar was the strongest major currency on the day, while the Canadian dollar brought up the rear. An abysmal Canadian jobs report (-71.2k jobs, unemployment up 4 ticks to 5.9%) was the main culprit.
Commodities: Oil gained over 1% on confirmation of the OPEC production cuts; gold slipped more than -1% on the back of the solid NFP report.
US indices closed sharply higher to erase the losses from earlier in the week and close near record highs once again.
Energy (XLE) and Financials (XLF) were the strongest sectors on the day. Utilities brought up the rear, closing lower on the day.
Stocks on the move:
Financial stocks, including Bank of America (BAC, +1%), Citigroup (C, +1%), and J.P. Morgan (JPM, +2%), rallied across the board on rising bond yields.
Oil stocks also rose, helped along the OPEC production cut. Both Chevron (CVX) and Exxon Mobile (XOM) rose 1-2%.
Manufacturing firm 3M (MMM) gained 4% after report that it was exploring selling off its drug delivery business.
Uber Technologies (UBER) shed -3% on news that it received 16% more sexual assault reports this year than last. The company has long struggled with concerns about its culture.
Original from: www.forex.com
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