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US jobs report; Huawei fallout; OPEC crunch

1. US jobs report: The US economy added 155,000 jobs in November, fewer than expected by ec...

Posted: Dec 7, 2018 11:00 AM
Updated: Dec 7, 2018 11:00 AM

1. US jobs report: The US economy added 155,000 jobs in November, fewer than expected by economists.

However, the unemployment rate remained at 3.7%, indicating a strong labor market. Paychecks grew by 3.1% over the last year in November, in line with expectations.

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Employers have added an average of 215,000 jobs per month over the past year and wages have been slowly creeping higher as the economy has soaked up nearly all its available workers.

2. Huawei fallout: Huawei CFO Meng Wanzhou, who was detained in Vancouver on Saturday at the request of US authorities, faces a bail hearing on Friday at the British Columbia Supreme Court.

The US and Canadian governments haven't specified what charges Meng faces, but her arrest follows reports this year that the US Justice Department was investigating whether Huawei violated American sanctions on Iran.

The United States is seeking her extradition.

The arrest has angered Beijing, alarmed investors and raised new doubts about the fragile truce that the leaders of the world's top two economies reached just days ago. Investors will be watching closely for additional fallout.

Huawei, which makes telecommunications equipment and tech gadgets, said in a statement that it "has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng."

3. Oil moves: OPEC wasn't able to reach agreement on oil production cuts during a summit on Thursday. But the cartel is expected to finish the job on Friday.

OPEC is seeking to stabilize oil markets after US crude prices plunged 22% in November, marking the the worst month since the global financial crisis in October 2008.

Discussions on Friday will be expanded to include Russia, the world's second biggest oil producer and a key partner in OPEC efforts to slash production and boost prices.

Oil prices tumbled 2.7% on Thursday when OPEC members emerged from negotiations without consensus on the level of production cuts. Prices dipped again on Friday to trade at $51.30 per barrel.

4. Global market overview: US stock futures were pointing lower. European markets opened higher, following a mixed trading session in Asia.

The Dow closed down 0.3% on Thursday after a wild trading day. It plunged as much as 785 points, or 2%, during the day. The S&P 500 shed 0.2%.

The Nasdaq gained 0.4%, bouncing back from a 2.4% drop earlier in the day.

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5. Earnings and economics: Big Lots (BIG) will release earnings before the open.

The preliminary University of Michigan's consumer sentiment report for December will be released at 10:00 a.m. ET.

Canada's jobs report for November will be published at 8:30 a.m. ET.

6. Coming this week:
Friday — US jobs numbers

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 790096

Reported Deaths: 15056
CountyConfirmedDeaths
Los Angeles2614466366
Riverside574191162
San Bernardino52649908
Orange522011128
San Diego44925760
Kern31509354
Fresno27769355
Sacramento21628383
Alameda20641374
Santa Clara20511297
San Joaquin19841415
Stanislaus16351337
Contra Costa15958201
Tulare15599256
Ventura12406143
Imperial11583314
San Francisco1080799
San Mateo9598143
Monterey955067
Santa Barbara8880110
Merced8750134
Kings743077
Sonoma7112114
Marin6591112
Solano617555
Madera439162
Placer348841
San Luis Obispo339327
Butte276435
Yolo275454
Santa Cruz22188
Sutter164210
Napa162613
San Benito131011
Yuba11187
El Dorado10734
Mendocino85118
Lassen7350
Shasta70914
Glenn5503
Nevada5116
Colusa5106
Tehama5094
Lake49210
Humboldt4856
Calaveras31114
Amador28616
Tuolumne2214
Inyo18714
Mono1652
Siskiyou1610
Del Norte1361
Mariposa752
Plumas490
Modoc240
Trinity150
Sierra60
Alpine20
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A small trough of low pressure moved over the Pacific Northwest on this first day of autumn, and it brought more gusty wind and an improvement to the air quality for most of us. The breezes will continue through the week, and other changes are coming soon.
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