EUR

• Positive tone. Solid tech sector earnings supported US stocks. Bond yields consolidated. AUD & NZD continue to grind up. AUD near ~6mth average.• AU trends. RBA Deputy Gov. Hauser reiterated that inflation challenges remain. Odds of another hike by year-end rise. Q4 AU CPI due next week. Global Trends The more upbeat tone in markets continued overnight. Solid earnings results from a few megacap tech stocks eased worries (at least in the near-term) about the sustainability of capital investment spending and returns. The US S&P500 edged up ~0.6% to be within striking distance of its record highs, while the...

• Upbeat mood. Sentiment improved overnight. US tech stocks rebounded despite a lift in yields. AUD & NZD ticked up. AUD outperformed on crosses.• Macro pulse. Social unrest in France adding to jitters about its debt trajectory. NZ CPI tomorrow. Next week AU CPI & US Fed meeting in the spotlight. Global Trends Markets were in a more upbeat mood overnight with risk sentiment improving. A rebound in tech stocks, after last weeks sizeable falls, drove the overall performance with the NASDAQ (+1.1%) outperforming the S&P500 (+0.4%). Time will tell if this is just a dead-cat bounce or the start...

• Market swings. Rotation out of tech stocks supports the broader S&P500. US bond yields fall. USD softer. NZD edges up, but AUD weakens.• AU jobs. Employment fell sharply due to part-time jobs. Unemployment at 5yr highs. Odds of another RBA hike reduced. But high inflation still a problem. Global Trends A few push-pull forces have washed through markets over recent days and generated bursts of volatility. Following a weak Asian session for risk assets yesterday (at one point South Korea’s KOSPI triggered circuit breakers after plunging ~8%), which itself somewhat stemmed from the rise in bond yields generated by...