The U.S. employment report is expected to drive the markets this Friday, with investors keeping an eye on tensions in the Middle East.
Investors were avoiding big bets ahead of the release of data on U.S. job creation at 9:30 a.m., which could be crucial in determining the trajectory of interest rates in the country in the coming months.
The U.S. economy likely maintained a moderate pace of job openings in September, while the unemployment rate is expected to have remained at 4.2%, further reducing the need for the Federal Reserve to make significant cuts to interest rates in its final two meetings of the year.
Meanwhile, oil prices are on track for the biggest weekly gain in two weeks amid escalating tensions in the Middle East, which raise serious risks to global fuel supply.
On the eve, U.S. President Joe Biden said the country is discussing attacks on Iran’s oil facilities when asked if he would support Israel in retaliation for Tehran’s missile strikes. This pushed oil prices even higher. (Reuters)
