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US: Focus on ADP employment and politics - BBH

Analysts at BBH suggest that the data highlight from the US is the ADP jobs estimate, ahead of Friday's government report.  

Key Quotes

“Outside of headline risk, the data is unlikely to distract investors from the other stories.  These include the approaching December 8 deadline for spending authorization, which if not remedied, can see parts of the government shutter.  The Republicans seem divided between as very short extension (December 22) a short extension (December 30) and the Democrats remain on the sidelines.”

“Also, news that President Trump will announce later today that the US officially recognizes Jerusalem as the capital of Israel has already spurred warnings of the antagonism that it entails, and without moving the US embassy, little appears to be gained.  It can add to investor uncertainty and volatility.  Meanwhile progress on US tax reform is on hold as the Senate members of the reconciliation committee must be named.   There is some risk that the compromises that made passage of the Senate version possible are unwound in the reconciliation process.”  

 

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