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Markets are cautiously in range ahead of non-farm payroll report from US today. Economists expect the US job markets to contract by -165k in October, much better than September's -263k. Unemployment rate is expected to climb slightly from 9.8% to 9.9%. The leading indicators to NFP are mixed. Improvements were seen in October ADP but the -203k figure fell short of expectation of -187k. Strong improvement was seen in the employment component of ISM manufacturing index rose remarkably to 53.1 in October, first expansionary reading since August 2008. But the employment component of ISM non-manufacturing index unexpectedly dropped to 41.1. After all, improvements in the job numbers are still expected to be seen in today's NFP. The bigger uncertainty is possibly in the unemployment rate and disappointment there might drive wild reactions in the financial markets. Other data featured today include Swiss unemployment rate, UK PPI, German factory orders, Canadian employment report and US wholesale inventories.
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