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US labour markets gained momentum in May, firming market expectations for a rate hike from the Federal Reserve by year end. According to the Bureau of Labor Statistics, 172,000 jobs were added in the month—representing a solid overshoot relative to the 85,000-consensus forecast—while the previous two months were revised up by a total 93,000 positions, bringing the three-month average pace of job creation...
Markets are turning defensive ahead of the weekend as the war in the Middle East shows little sign of progress and investors grow more cautious on artificial-intelligence stocks. Brent and West Texas Intermediate crude look set to post their first weekly gains in three weeks after Hezbollah rejected a new ceasefire in Lebanon and Israel said it would maintain its troop presence in the country, undermining...
Good morning, and happy Groundhog Day*. The dollar is strengthening and Treasury yields are rising as diplomatic efforts to reopen the Strait of Hormuz falter once again. Iran and the United States said last week they had reached a tentative deal to halt the war, but nothing has been signed and events on the ground moved in the opposite direction overnight: Iranian missiles damaged Kuwait’s airport...
• Holding on. Modest financial market moves. US equities & oil tick up. NZD a bit softer. AUD edges up slightly & outperforms on the crosses.• Data flow. More signs US jobs market is holding up. EZ inflation quickens, raising odds of an ECB rate hike next week. AU Q1 GDP released today.
Global Trends
A fairly quiet 24hrs across markets with modest net moves coming through across most asset...
Treasury yields and the dollar are retreating from yesterday’s highs after Hezbollah and Israel agreed to temporarily halt cross-border fighting, giving Iranian officials cause to return to the bargaining table. Oil prices had posted their sharpest one-day surge in a month after Tehran said it was abandoning talks amid an intensifying Israeli assault on Lebanon, reviving supply fears that had...
• Headline noise. Conflicting Middle East news generated a few bursts of volatility. US bond yields & USD ticked up. NZD & AUD lost a bit of ground.• Macro events. Eurozone CPI tonight. US non-farm payrolls due later this week. Australian Q1 GDP out on Wednesday. RBA Gov. Bullock also speaks (Thurs).
Global Trends
Middle East-related headlines knocked markets around a little overnight....