US Futures are Lower as Global Stocks Decline

US futures are lower as global stocks decline.  In the US, ADP reported private payrolls in November rose by 190K, slightly above estimates.  Third quarter non-farm productivity rose slightly less than expected to 3% q/q, while unit labor costs declined by 0.2%.  The decline in unit labor costs was a surprise as the market was expecting a rise of 0.3% for the quarter.  European shares are lower, led by auto, bank and technology shares.  Asian shares closed lower with Japan’s NIKKEI falling nearly 2%.

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