Futures muted as investors await key jobs data

The labor market has managed to withstand the onslaught of the Federal Reserve's aggressive rate-hike campaign, worrying investors that the central bank would keep its monetary policy tighter for a longer duration in its fight against inflation. Meanwhile, the unemployment rate probably retreated from a 1-1/2-year high, with wage gains expected to remain elevated. "While the (expected) slowdown is notable, achieving such a figure would not be disastrous and so the market is likely to take the view that the economy is still resilient and interest rates will stay higher for longer," said Russ Mould, investment director at AJ Bell.