FIRST NEWS OF THE DAY:💥

US: ADP OCTOBER JOB CHANGE: +233k vs +111K est. (Strongest reading since July 2023);

ADP reported a well-above-expected increase in employment for Friday's payrolls figure. It's a little hard to understand how they came up with that number. But this is the regularly scheduled reminder that ADP and nonfarm payrolls often don't match up.

- Previously revised from +143k to +159k

- Average annual wage change 4.6% vs. 4.7% before

- Average annual wage change 6.2% vs. 6.6% before

US 10-YEAR TREASURY YIELDS RISE STRONGLY AFTER ADP EMPLOYMENT DATA.59510:2