While payrolls will come and go, the big story remains the accelerating rout in Emerging Markets, where a bevy of currencies, including the TRY, ZAR, INR, IDR and especially the Argentina Peso, have gotten crushed prompting questions if another 1997-style EM crisis is on the horizon.

While US equities surged on Thursday, reversing a nearly 400 point drop in Dow Jones after several reports predicted that today’s US-China trade talks were going well would have a successful conclusion, hours ago the Mnuchin-led delegation departed Beijing having accomplished nothing. So far, however, this has had no impact on US equity futures (it has hit the Chinese Yuan however), which are hugging the flatline, while Asian stocks dropped and Europe edged higher ahead of the April payroll report due shortly (full preview here).

https://www.zerohedge.com/news/2018-05-04/all-eyes-payrolls-real-story-ongoing-em-rout