Bad news is good news
• Market reversal. The unwind of this week’s US inflation driven moves has continued. Equities higher, US yields eased a bit, & the USD lost ground.• Sentiment vs reality. The positive tone has come through despite sluggish global data. Japan & the UK entered recession, US retail sales declined.• AU jobs. The jobs report underwhelmed, but technical factors point to an unwind next month. AUD has clawed its way back to where it started the week. Investors have been in a ‘bad economic news is good for markets’ frame of mind. The unwind of the US inflation driven bout of...