周五，由于投资者正在重新评估货币政策路径，标准普尔/多伦多证交所综合指数仅下跌0.2%，收于20500点。一方面，强于预期的劳动力数据增加了央行可能采取更积极措施收紧政策的可能性。11月，加拿大失业率意外下降了0.1个百分点，降至5.1%，失业人数下降了2万多人，增加了1万多个就业岗位。与此同时，美国工资数据显示，美国经济增加了26.3万个就业岗位，远高于20万个的预期。然而，另一方面，美联储主席杰罗姆·鲍威尔（Jerome Powell）表示，确认加息最早将在12月开始放缓，投资者对此稍作喘息。

The S&P/TSX Composite index closed down only 0.2% at the 20,500 level on Friday, as investors were reassessing the monetary policy path. On one hand, stronger-than-expected labor data increased bets that central banks could move more aggressively to tighten policy. The Canadian unemployment rate unexpectedly fell by 0.1 percentage point to 5.1% in November, as unemployment fell by over 20 thousand people and over 10 thousand jobs were added, In the meantime, US payroll data showed that 263 thousand jobs were added to the US economy, well above expectations of 200 thousand. Still, on the other hand, investors took a respite from Fed Chair Jerome Powell's remarks that confirmed rate hikes would slow starting as early as December.

强于预期的就业报告推动的抛售在周五下午的交易中消退，道琼斯指数上涨，标准普尔500指数和纳斯达克指数分别下跌0.2%和0.1%。一方面，劳工部密切关注的就业报告显示，上个月美国经济增加了26.3万个就业岗位，而平均每小时收入意外增长超过预期，这降低了人们对美联储将很快放缓紧缩行动的预期。另一方面，美联储主席杰罗姆·鲍威尔（Jerome Powell）表示，确认加息最早将在12月开始放缓，投资者对此稍作喘息。在公司方面，漫威科技（Marvell Technology）下跌了5%，此前该半导体公司未达到季度收入和盈利预期。本周，道琼斯指数上涨0.1%，纳斯达克指数上涨2.1%，标准普尔指数上涨1%。

Sell-off driven by stronger-than-expected jobs reports faded in the afternoon trading on Friday, with the Dow Jones crossing into the positive territory and the S&P 500 and the Nasdaq closing down only 0.2% and 0.1% respectively. On one hand, the Labor Department's closely watched employment report showed that the economy added 263,000 jobs last month while average hourly earnings unexpectedly rose more than expected cooling expectations that the Federal Reserve will soon slow its tightening campaign. On the other hand, investors took a respite from Fed Chair Jerome Powell's remarks that confirmed rate hikes would slow starting as early as December. On the corporate side, Marvell Technology tumbled as much as 5% after the semiconductor company missed quarterly revenue and earnings estimates. For the week, the Dow ended 0.1% higher, while Nasdaq rose 2.1% and the S&P was up 1%.

由于投资者消化了最新的就业报告，并等待加拿大央行周三的货币政策会议，加元兑美元跌至1.35。加拿大统计局的数据显示，11月经济增加了10.1K个就业岗位，而市场预期增长了5K，失业率意外降至5.1%。货币市场预计，加拿大央行将在10月加息50个基点后，于下周三加息25个基点。由于经济出现大幅放缓迹象，央行出人意料地放慢了加息步伐。最新数据显示，加拿大经济在2022年第三季度的年增长率为2.9%，超出了预期的1.5%，但仍为2021第二季度以来的最低水平。

The Canadian dollar weakened to 1.35 against the dollar, as investors digested the latest jobs report and await the Bank of Canada monetary policy meeting on Wednesday. Data from Statistics Canada showed the economy added 10.1K jobs in November, compared with market expectations of a 5K gain while the jobless rate unexpectedly fell to 5.1%. Money markets expect the Bank of Canada to raise interest rates by 25 bps next Wednesday, after delivering a 50 bps rate hike in October. The central bank unexpectedly slowed the pace of interest-rate hikes as the economy showed signs of a sharp slowdown. The latest data showed that the Canadian economy grew an annualized 2.9% in the third quarter of 2022, beating expectations for a modest 1.5%, but still the weakest reading since Q2 2021.

12月，意大利的电价接近每兆瓦时400欧元，自11月1日触及110欧元的15个月低点以来反弹了250%，原因是欧洲天然气价格在冬季前上涨。由于俄罗斯的供应中断，对冷锋的预期以及对替代能源的依赖推高了意大利交付的天然气价格，增加了电力分销商的成本。直到2022年上半年，天然气占意大利电力产量的56%。尽管如此，家庭对能源的需求仍然强劲，因为意大利新的右翼政府承诺300亿欧元支持能源成本飙升的家庭，增加了上届政府750亿欧元的能源援助，降低了人们减少消费的倾向。此前因俄罗斯天然气供应中断而引发的短缺担忧，使意大利电价在8月底升至650欧元的历史新高。

Electricity prices in Italy approached €400 per megawatt hour in December, rebounding by 250% since hitting the 15-month low of €110 on November 1st amid the upswing in European natural gas prices ahead of the winter. Expectations of a colder front and dependency on alternative sources due to the supply halt from Russia drove up natural gas prices for delivery in Italy, ramping up the cost of electricity distributors. Until the first half of 2022, natural gas was responsible for 56% of Italy’s electricity production. Still, demand for energy in households remained robust as Italy’s new right-wing government pledged €30 billion to support households with soaring energy costs, adding to the €75 billion in energy aid from the prior government and reducing people’s propensity to cut back on consumption. Previous shortage concerns due to the natural gas supply halt from Russia lifted Italian electricity prices to a record-high of €650 at the end of August.

周五，美国股市全线飘红，道琼斯指数下跌100点，标准普尔500指数下跌0.6%，纳斯达克指数下跌0.9%，此前就业数据强于预期，降低了人们对美联储将很快放缓紧缩行动的预期。劳工部密切关注的就业报告显示，上个月经济增加了26.3万个就业岗位，而平均时薪意外增加。鉴于美联储主席杰罗姆·鲍威尔（Jerome Powell）本周早些时候表示，如果就业市场没有降温迹象，央行将保持积极姿态，这份强劲的报告对那些期待政策转向的人来说是一个打击。在公司方面，漫威科技（Marvell Technology）下跌5%，此前该半导体公司未达到季度收入和盈利预期。相反，UiPath在公布了令投资者惊讶的业绩后，暴涨了10%以上。本周，道琼斯指数变化不大，而标准普尔和纳斯达克指数都将迎来第二周的上涨。

US stocks traded in the red on Friday, with the Dow Jones falling 100 points, the S&P 500 down 0.6% and the Nasdaq 0.9% after stronger-than-expected jobs data cooled expectations that the Federal Reserve will soon slow its tightening campaign. The Labor Department's closely watched employment report showed that the economy added 263,000 jobs last month while average hourly earnings unexpectedly increased. This robust report was a blow for those expecting a policy pivot, given that Fed chair Jerome Powell signaled earlier this week that the central bank would keep its aggressive stance if there were no signs of a cooling job market. On the corporate side, Marvell Technology tumbled 5% after the semiconductor company missed quarterly revenue and earnings estimates. Conversely, UiPath skyrocketed more than 10% after posting results that surprised investors on the upside. For the week, the Dow was little changed, while both the S&P and the Nasdaq were heading for the second week of gains.

伦敦股市周五收盘基本持平，蓝筹股富时100指数徘徊在7550点附近，房地产板块的上涨抵消了能源板块的损失。该指数触及7500点的盘中低点，此前美国就业报告强于预期，令政策转向的一些希望破灭。然而，随着权重材料股反弹，该股收复了一些失地。英国联合食品公司（Associated British Foods）跃升超过4%，领跑富时100指数，而港湾能源公司（Harbour Energy）和英国石油公司（BP）是最大的落后者，跌幅约为2%。富时100指数本周上涨约1%，连续第三周上涨。11月，出口导向型指数上涨近7%，创下2020年11月以来的最佳月度表现。

Equities in London ended Friday’s session virtually flat, with the blue-chip FTSE 100 hovering around the 7,550 level, as gains in the real estate sector offset losses in energy. The index hit a session low of 7,500 points after a stronger-than-expected US jobs report dashed some hopes of a policy pivot. However, it recovered some ground amid a rebound in heavyweight materials shares. Associated British Foods jumped over 4% to lead the FTSE 100, while Harbour Energy and BP were among the biggest laggards, down roughly 2%. The FTSE 100 rose approximately 1% his week, posting a third straight weekly gain. In November, the export-oriented index rallied almost 7%, the best monthly performance since November 2020.

欧洲股市周五收盘小幅下跌，斯托克600指数下跌0.2%，主要原因是石油和天然气股和科技公司分别下跌1%和0.5%。另一方面，零售商上涨0.6%，化学品上涨0.4%。然而，本周，泛欧STOXX 600指数上涨0.6%，连续第七周上涨。本周市场对美联储将放缓加息步伐持乐观态度，尽管周五美国就业报告强于预期，令投资者感到不安。在欧元区，消费者和生产者价格通胀均比预期放缓。与此同时，德国DAX几乎没有变化，因为数据显示，由于通货膨胀飙升、外国需求减弱和供应链紧张，德国出口下降幅度超过预期。

European equity markets closed slightly lower on Friday, with the benchmark Stoxx 600 down 0.2% due mainly to declines in oil & gas stocks and tech companies which fell 1% and 0.5%, respectively. On the other hand, retailers added 0.6% and chemicals rose 0.4%. For the week, however, the pan-European STOXX 600 climbed 0.6%, the seventh consecutive week of gains. The week was marked by optimism that the Federal Reserve would slow the pace of interest rate hikes, though on Friday a stronger-than-expected US jobs report kept investors on edge. In the Euro Area, both consumer and producer price inflation slowed more than expected. Meanwhile, the German DAX was little changed after data showed the country's exports fell more than forecast amid soaring inflation, weakening foreign demand and strained supply chains.

基于卢布的MOEX俄罗斯指数周五下跌0.3%，收于2180点，本周下跌0.7%，原因是欧盟国家对俄罗斯石油出口相关服务的适当价格上限仍存在分歧。石油生产巨头卢克石油公司（Lukoil）和俄罗斯石油公司（Rosneft）因该行业前景持续恶化而收红。尽管波兰将欧洲油轮的价格上限建议降低至60美元/桶，并为向亚洲交付货物提供保险，但由于乌拉尔的石油合同远低于拟议上限，波兰并未签署该协议。尽管如此，据报道，油罐所有者已经开始对俄罗斯原油的运输收取更高的费用，这对印度和中国经济放缓的需求构成了压力。与此同时，在强劲于预期的美国工资数据提振美元并阻碍了对中国主要消费国工业需求的预期后，冶金专家抹去了其前期涨幅，导致俄罗斯铝业和挪威镍业分别下跌2%和1%。

The ruble-based MOEX Russia index closed 0.3% lower at 2,180 on Friday, dropping 0.7% on the week as EU states continued to disagree on the appropriate price ceiling for services related to the export of Russian oil. Oil-producing giants Lukoil and Rosneft closed in the red as the outlook for the sector continued to worsen. Despite lowering its price ceiling proposal to $60/barrel for the use of European tankers and insurance in deliveries to Asia, Poland did not sign off on the agreement as Urals oil contracts hover well below the proposed cap. Still, tank owners have reportedly already started to charge more for the transportation of Russian crude, pressing demand for the slowing economies of India and China. In the meantime, metallurgists erased their early gains after stronger-than-expected US payroll data lifted the dollar and hampered expectations for industrial demand for top consumer China, driving Rusal and NorNickel to drop 2% and 1%, respectively.

周五，富时MIB指数下跌0.5%，徘徊在24560点附近，本周将以同样的幅度下跌，因为强于预期的美国工资数据增加了美联储保持强硬态度的更多空间，并对世界股市造成压力。能源股领涨米兰股市，因投资者继续关注欧盟国家在周一开始禁运前就俄罗斯海运石油服务价格上限进行的谈判。泰纳瑞斯以接近3%的跌幅推动了该行业的亏损。对政策敏感的非必需消费品品牌也在盘中扩大了亏损，Moncler下跌超过3%。另一方面，权重较大的银行在绿地交易，Finecobank上涨1.5%。联合信贷（UniCredit）表现不佳，在宣布根据本周与工会签订的协议提高了一些劳动力成本后，该行业徘徊在水平线上。

The FTSE MIB index was 0.5% down to hover at the 24,560 mark on Friday, set to decline by the same extent on the week as stronger-than-expected US payroll data added more room for the Federal Reserve to remain hawkish and pressured world equities. Energy shares led the losses in Milan as investors continued to monitor talks between EU states regarding a price ceiling on Russian seaborne oil services ahead of the start of the embargo on Monday. Tenaris drove the losses for the sector with a near 3% decline. Policy-sensitive consumer discretionary brands also extended their losses during the session, with Moncler down more than 3%. On the other hand, heavy-weighing banks traded on the green, with Finecobank adding 1.5%. UniCredit underperformed the sector to hover at the flatline after announcing some higher labor costs in line with its accord signed with unions this week.

周五，标准普尔/多伦多证交所综合指数下跌逾0.5%，徘徊在20400点下方，追随北美股市的下滑，因强于预期的劳动力数据增加了央行可能采取更积极措施收紧政策的押注。11月，加拿大失业率意外下降了0.1个百分点，降至5.1%，失业人数下降了2万多人，增加了1万多个就业岗位。与此同时，美国工资数据显示，美国经济增加了26.3万个就业岗位，远高于20万个的预期。材料板块领跌，因美元走强给加拿大黄金开采业带来压力，而政策敏感的科技股追随北美同行下跌超过1%。另一方面，能源生产商在周末OPEC会议召开之前，表现得非常乐观。本周，多伦多基准指数将收平。

The S&P/TSX Composite index was over 0.5% lower to hover below the 20,400 level on Friday, tracking the slide for equities in North American equities as stronger-than-expected labor data increased bets that central banks could move more aggressively to tighten policy. The Canadian unemployment rate unexpectedly fell by 0.1 percentage point to 5.1% in November, as unemployment fell by over 20 thousand people and over 10 thousand jobs were added, In the meantime, US payroll data showed that 263 thousand jobs were added to the US economy, well above expectations of 200 thousand. The materials sectors led the losses as a stronger US dollar pressured the Canadian gold mining industry, while policy-sensitive tech shares tracked their North American counterparts and dropped over 1%. On the other hand, energy producers were sharply in the green ahead of the OPEC meeting over the weekend. On the week, Toronto’s benchmark index is set to close flat.

英国10年期金边债券的收益率在12月初徘徊在3.1%左右，接近9月初以来的最低水平，因为人们希望英格兰银行最终不会像人们担心的那样大举加息，而英国上月公布的预算有助于在利兹·特拉斯（Liz Truss）的小型预算引发动荡后平息市场。上周，英格兰银行副行长拉姆斯登表示，他支持进一步加息，但如果经济发展与他的预期不同，他将考虑降息。此外，MPC成员Tenreyro在本月早些时候表示，她预计明年利率将保持不变，然后在2024年下降，而Dhingra警告称，过度紧缩政策可能会引发深度衰退。市场押注在下一次12月会议上，利率将上调50至75个基点。其他方面，好于预期的美国11月就业数据给投资者对美联储放松其激进货币政策紧缩的预期泼了冷水。

The yield on the UK’s 10-year Gilt hovered around 3.1% at the start of December, remaining close to its lowest level since early September, on hopes that the Bank of England might not end up hiking as aggressively as feared and as the UK's budget announced last month helped calm the markets following the turmoil triggered by Liz Truss's mini-budget. Last week, Bank of England Deputy Governor Ramsden said he was backing more interest rate hikes, but would consider cutting rates if the economy developed differently to his expectation. In addition, MPC member Tenreyro said earlier in the month she saw rates on hold next year and then falling in 2024, while Dhingra has warned that an over-tightening of policy could stoke a deep recession. Markets are betting on a 50 to 75 bps increase at the next December meeting. Elsewhere, better-than-expected US job data in November poured cold water on investor expectations of the Fed easing its aggressive monetary policy tightening.

道琼斯指数周五下跌200点，而标准普尔500指数和纳斯达克100指数表现不佳，分别下跌0.8%和1.3%，因强于预期的就业数据给美联储即将放缓紧缩行动的预期泼了冷水。劳工部密切关注的就业报告显示，美国经济上个月增加了26.3万个就业岗位，而平均时薪意外增加。鉴于美联储主席杰罗姆·鲍威尔（Jerome Powell）本周早些时候表示，如果就业市场没有降温迹象，央行将保持积极姿态，这份强劲的报告对那些期待政策转向的人来说是一个打击。在公司方面，漫威科技（Marvell Technology）下跌6%，此前该半导体公司未达到季度收入和盈利预期。相反，UiPath在公布了令投资者惊讶的业绩后，暴涨了10%以上。

The Dow lost 200 points on Friday, while the S&P 500 and Nasdaq 100 underperformed by falling 0.8% and 1.3%, respectively, as stronger-than-expected jobs data threw some cold water into expectations that the Federal Reserve will soon slow its tightening campaign. The Labor Department's closely watched employment report showed that the US economy added 263,000 jobs last month while average hourly earnings unexpectedly increased. This robust report was a blow for those expecting a policy pivot, given that Fed chair Jerome Powell signaled earlier this week that the central bank would keep its aggressive stance if there were no signs of a cooling job market. On the corporate side, Marvell Technology tumbled 6% after the semiconductor company missed quarterly revenue and earnings estimates. Conversely, UiPath skyrocketed more than 10% after posting results that surprised investors on the upside.

德国10年期国债收益率在12月初回升至1.8%以上，从盘中早些时候触及的近三个月低点1.76%反弹，此前好于预期的美国就业数据减少了美联储将很快放缓其激进加息的押注。在欧洲，尽管存在持续的衰退风险，欧洲央行仍可能继续其紧缩政策。克里斯蒂娜·拉加德（Christine Lagarde）总统警告称，一些欧洲政府的财政政策可能会导致需求过剩，而在供应受限的经济体中，这可能会迫使货币政策收紧，而非必要。最近的数据显示，欧元区消费者和生产者价格通胀率大幅放缓，但仍远高于欧洲央行的目标。欧盟委员会预计，由于能源价格飙升和利率上升，2022年第四季度和2023年第一季度欧元区经济将萎缩。

Germany's 10-year bund yield rose back above 1.8% at the start of December, rebounding from a near three-month low of 1.76% hit earlier in the session, after better-than-expected US jobs data trimmed bets that the Federal Reserve will soon slow its aggressive interest-rate hikes. In Europe, the European Central Bank will likely continue its policy tightening path despite the ongoing recession risks. President Christine Lagarde warned that some European governments' fiscal policies could lead to excess demand, which in a supply constrained economy, might force monetary policy to tighten more than would otherwise be necessary. Recent data showed the rates of consumer and producer price inflation in the Euro Area slowed sharply, but remained well above the ECB's target. The European Commission expects the Eurozone economy to shrink in Q4 2022 and Q1 2023 amid surging energy prices and rising interest rates.

12月初，德国的电价为280欧元/MWh，比11月初的72欧元高出近300%，受风速和寒冷天气的影响。汉堡达到了发电所需的最低风速，约为每秒5米，即每小时11英里。与此同时，随着气温降低，天然气库存开始减少，天然气价格也随之上涨。在其他地方，法国在经历了炎热的夏季后，河水水位降至多年来的最低水平，而核电站的维护工作仍在继续。在政治方面，德国宣布将家庭电价限制在每千瓦时40美分，占实际消费的80%。相比之下，对于工业消费者来说，电力将被限制在每千瓦时13美分，占上一年消费量的70%。

Electricity prices in Germany were at €280/MWh in early December, almost 300% higher than the €72 in early November, boosted by wind speeds and colder weather. Hamburg hit the minimum wind speed required for electricity generation at around 5 meters a second, or about 11 miles an hour. At the same time, natural gas prices also rose as stockpiles started to withdraw along with lower temperatures. Elsewhere, France continues to struggle with maintenance works in nuclear power plants while river levels dropped to multiyear lows after the continent experienced a scorching summer. On the political front, Germany announced that it will cap household prices at 40 cents per kWh for 80% of actual consumption. Comparatively, for industrial consumers, electricity will be limited to 13 cents per kilowatt-hour, applied for 70% of the previous year's consumption.

周五下午，CAC 40指数跌破6720点，投资者消化了11月美国就业报告的强劲预期，这可能会使美联储放缓加息步伐的计划变得复杂。与此同时，交易员等待中国新冠肺炎政策的任何进展。在企业方面，Teleperformance领涨，上涨近5%。这家法国办公服务和呼叫中心公司周四表示，它已与UNI全球联盟签署了一项协议，以加强工人组建工会和参与集体谈判的权利。相反，Worldline、Stellantis NV和雷诺损失最大，在2%至2.5%之间。CAC 40指数本周基本持平。

The CAC 40 index was trading below the 6,720 level on Friday afternoon, with investors digesting a stronger-than-expected US jobs report for November, which could complicate the Fed's plans to slow down the pace of interest rate hikes. Meanwhile, traders awaited any developments regarding China's covid policy. On the corporate front, Teleperformance was leading the gains, rising nearly 5%. The French office services and call center company, which has come under pressure in Colombia over its employee relations, said on Thursday it had signed an agreement with UNI Global Union to strengthen workers' rights to form trade unions and engage in collective bargaining. On the opposite side, Worldline, Stellantis NV and Renault posted the biggest losses, between 2% and 2.5%. The CAC 40 was on track to end the week almost flat.