Global markets were subdued ahead of the release of August nonfarm payrolls, the day’s main market-moving event. Economists expect the US economy to have added 55,000 jobs during the month.
Volkswagen Chief Executive Officer secured the backing of labor unions for plans to eliminate an additional 50,000 jobs, underscoring the pressure facing Europe’s largest automaker as it seeks to reduce costs.
Norges Bank Investment Management, the world’s largest sovereign wealth fund with $2.3 trillion under management, has proposed cutting its US Treasury holdings by $80 billion, or about 12% of its current position.
In global monetary policy, economists expect the European Central Bank to deliver its final rate hike next week. Nomura, meanwhile, sees the Bank of Japan potentially raising interest rates three consecutive times.
UniCredit Chief Executive Officer Andrea Orcel met with the prime minister of the German state of Hesse as the Italian lender moves closer to taking control of Commerzbank.
European and Japanese stocks were little changed, while Hong Kong equities advanced 1.7%. US stock futures were also little changed, and Brent crude traded flat at about $95 a barrel.
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