Markets are highly anticipating today’s release of the US labor market re-port. Analysts predict sustained solid job gains at the beginning of this year. According to Bloomberg the consensus expects the US economy to add 230,000 non-farm payrolls in January, following a 252,000 gain in the previous month. The jobless rate will probably remain unchanged at 5.6%, the lowest level since June 2008.
Equity prices on Wall Street gained thanks to demand for energy shares and rather muted US economic data that could suggest the Fed will hold rates at record low for longer. In Eu-rope, investors have to deal with another escalation in the Greek crisis, as the European Central Bank said it will not accept Greek sovereign bonds as collateral. However, the Greek central bank will back domestic banks providing emergency funding under the ELA program. Under this meas-urement, central banks can provide liquidity to lenders at its own risk.
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