Today, investor attention is placed on the data of U.S. jobs.
November is expected to have created 120,000 new jobs, compared with 80,000 in October and the unemployment rate has remained at 9%.
Of course, these data have their interpretations, and revisions. Thus, the figure is as good as last month's review in October, especially if they differ much from the number published in due course. And the unemployment rate, the real key fact, every so often offers some surprises.
In mid 2009, the Labor Department had estimated that by mid 2012, the rate would be approximately 7.5%. Another miscalculation, and there is any error, by the way.
On another note, the markets took a breather on Thursday in the week of festivities, the announcement of a major injection of dollars and euros to markets by the Fed, and the top five central bank's next in importance .
But it's hard to understand at times euphoria. Reading carefully the promises of these central banks, it is purely technical ads, in no way help the real economy of any country.
Lower the cost of borrowing overnight or a few tenths of a point in the cost of financing from Italy, Spain or any other country in trouble, does not substantially change anything.
The problem is not to pay such high interest rates, which is serious, but not enough to have economies like the current recession.
And to combat the recession, financial markets must accompany economic growth, financing productive projects.
If no project, if there are countries with more than 20% unemployment, where hundreds of thousands of properties unfinished and unsold, if the industries do not work, that accompany the financial markets project?
In this case, markets are dedicated to finding only the weakest of all, a debtor from his debts just cornered and attacked him with unpaid fees.
In other words, a plan like that proposed by the central banks can help, in part, short-term financial problem solving, to pour money into the markets, which invariably will go to stocks, bonds, futures contracts on commodities and currency, and therefore these assets grow.
But the world knows, throughout its history, which finances work as an engine without oil when the economy is destroyed.
And to rebuild the economy are governments, not central banks. Indeed, these governments are shown faint-hearted, timid and lack of reaction.
But for a long time, all that remain from the side. At 8:30 Eastern, the jobs data will eclipse the markets and the opening of the NYSE reflected the climate created minutes earlier. And every month, anything can happen.