ADP Says US Added 103K Jobs, China Banks Outlook Downgraded

According to ADP, the US economy added just 103K jobs in the month of October, well below the 130K the market was expecting. This on top of yesterday's disappointing JOLTS report paints a clear picture of a rapidly softening US labor market. Elsewhere the credit outlook for eight large Chinese banks was downgraded by Moody's today following yesterday's downgrade of the Chinese Governments credit outlook in response to the deteriorating condition of China's financial system.

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