US stocks retreated after payroll data showed the economy added 64,000 jobs in November, beating forecasts for a 50,000 gain, while October employment was revised sharply lower, showing a loss of 105,000 jobs. The mixed report reinforced concerns about a cooling labor market and pushed equities lower at the close.
Geopolitical risks also rose after President Donald Trump ordered a full naval blockade of Venezuela, a move set to be taken to the United Nations Security Council and likely to heighten regional and diplomatic tensions.
In Europe, sentiment weakened further as Germany’s business confidence slipped again in December. The Ifo Institute’s expectations index fell to 89.7 from 90.5 in November, highlighting persistent caution among companies in Europe’s largest economy.
Asia continued to show pockets of speculative enthusiasm. Meta X Integrated Circuits Shanghai Co. surged as much as 700% following its $585 million initial public offering, extending a string of blockbuster debuts for Chinese technology firms and underscoring renewed risk appetite in domestic markets.
Attention now turns to the US Personal Consumption Expenditures (PCE) price index, due later today and seen as the Federal Reserve’s preferred gauge of inflation. European and Japanese stocks edged higher, while Shanghai’s benchmark rose 1.8%, led by technology shares. US equity futures pointed to gains of about a quarter of a percent at the open, as investors positioned ahead of the inflation data.