Asian shares were mixed on Monday while gold spiked to all-time peaks above US$2,100 at the start of a busy week for economic data. Oil prices fell as doubts lingered over Opec+’s ability to uphold planned output cuts as US oil production hit record highs. In particular, the US November payrolls report on Friday needs to be solid enough to support the soft-landing scenario, but not so strong as to threaten the chance of easing.
Median forecasts are for payrolls to rise 180,000, keeping unemployment steady at 3.9%. Many analysts suspect risks are to the upside, with Goldman Sachs tipping 238,000 including a chunk of workers returning from strikes, and a jobless rate of 3.8%. There was also still a risk the Israel-Hamas war could widen into a broader conflict with three commercial vessels coming under attack in the southern Red Sea