The decline in T-Bond yields is coming to a halt with some profit-taking, after -87pts since mid-October (and -50 since November 24): the '10-yr' is +4.5pts to 4.164%.

The publication of weekly jobless claims did not provoke any particular reaction (nor did the sharp drop in private-sector job creation the previous day, to 103,000): we are witnessing a somewhat unexpected fall of -2,000 to 220.000 in the last week of November, when there is usually a lot of hiring in the retail sector after the Thanksgiving weekend.

On the other hand, there was a clear drop in "durable" job registrations, with -64,000 to 1.86 million, proof that there was a lot of hiring last month .. an interesting indicator on the eve of the release of the 'NFP'.
These figures seem somewhat at odds with the trend contraction in 'open' jobless claims according to the 'JOLT' report, revised sharply downwards on Tuesday for the month of October, from 9.4 to 8.7 million.

Yields, on the other hand, continued to ease in Europe, with OATs at 2.745% (-1.5pts) and Bunds at 2.200% (-1.3pts)... and Italian BTPs settled below 4.000%, down -0.8pts at 3.9470%.
The deterioration in economic conditions is confirmed by the -0.1% decline in the Eurozone's 'seasonally adjusted' GDP in the third quarter of 2023.
GDP remained stable in the EU compared with the previous quarter, according to Eurostat, which thus confirms its previous estimates.

The contributions of household final consumption expenditure to GDP growth were positive (+0.2 points), as were those of general government final expenditure (+0.1 points).
The contributions of the external balance were negligible for the Eurozone and positive for the EU (+0.2 points), while those of changes in inventories were negative in both zones (-0.3 points in the Eurozone and -0.5 points in the EU).

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