Market Briefing: Markets stay defensive after hotter-than-expected services data
The Institute for Supply Management said yesterday that its service sector index climbed in November from the month before, providing more evidence of resilience in the American economy. The measure ticked up to 56.5 from October’s 54.4, remaining well above 50, the threshold between expansion and contraction. Investors reacted badly, boosting bets on more hikes from the Federal Reserve, buying the dollar, and selling risk-sensitive currencies en masse. Markets look rudderless this morning, with the greenback holding ground as the other majors turn in a mixed performance. Yields are stable after yesterday’s jump, and equity futures are pointing to a...