Is there anyone in the United States that will be swayed by an employment report four days before an election. The public has had four years to form an opinion on the president’s performance; one more data point, good or bad, is unlikely to excite anyone but the chattering classes, nor influence very many votes.

To be sure, there have been signs of late that US growth may be edging firmer after a miserable Q2 but growth remains well below trend. A firm employment report will play into the recovery theme and help improve risk appetites to the extent that they can be improved with Europe still hanging in the balance.

Greece remains unfinished business will Spain continues to coast on the promise of an ECB bailout, should one become necessary. The market won’t tolerate that position forever. Shite or get off the pot, as my father used to say…