Finance AM

A mixed US jobs report and news of a US bank failure helped push bond yields, the USD dollar, and equities lower, the S&P500 closing down 1.5%.

Market tension ahead of tonight’s US payroll data was illustrated by a minor US labour report which was weaker than expected, causing bond yields and the US dollar to fall. The S&P500 is down 1.1%.

Bond yields fell and rose for little net change, amid Fed Chair Powell’s repeated testimony and some solid US data. Currencies were contained, while equities fell slightly, the S&P500 down 0.3%. The Bank of Canada’s policy rate was unchanged.

Equity sentiment improved slightly further, markets waiting for Friday’s important US jobs data to provide direction. Bond yields rose slightly, after some hawkish ECB comments, while currencies were mixed, the AUD and NZD underperforming.

Bond yields and the USD fell and risk sentiment rose (S&P500 +1.6%) as market expectations of Fed tightening stalled, encouraged by US services ISM data.

Bond yields and the USD fell and risk sentiment rose (S&P500 +1.6%) as market expectations of Fed tightening stalled, encouraged by US services ISM data.

Bond yields rose in the wake of stronger economic data in the US and Europe, and hawkish Fedspeak. The USD underperformed, and the S&P500 is down 0.6%.

The AUD and NZD were supported by slightly positive risk sentiment (S&P500 +0.3%), while bond yields saw little net change.

US bond yields fell amid month-end rebalancing, and risk sentiment rebounded (S&P500 +0.7%). These two factors weighed on the USD.

US inflation data was stronger than expected, boosting bond yields and the USD and hurting risk sentiment. The S&P500 closed down 1.1%.

US economic data was mixed, weighing on risk sentiment and supporting the defensive USD. The S&P500 is down 0.3%.

Markets were contained ahead of the FOMC minutes, with the USD and equities slightly higher, bond yields slightly lower. Following the minutes (just released), bond yields and the USD have risen.

Bond yields rose on concerns the Fed may need to tighten further than previously thought, fuelled overnight by stronger activity data. That supported the US dollar, but hurt equities, the S&P500 down 1.7%.

Markets were subdued during the liquidity-thinned US holiday. Bond yields rose slightly, as did the AUD and NZD.

Amid little major news flow, the US dollar and bond yields fell, and the S&P500 closed down 0.3%.

Strong US PPI data and hawkish Fedspeak pushed bond yields slightly higher and equities slightly lower, the S&P500 down 0.4%. Currencies pared losses for little net change.

Strong US retail sales data pushed bond yields and the US dollar higher. Equities were only briefly ruffled, the S&P500 currently unchanged.

Markets reacted to the US CPI inflation data by pushing bond yields higher. Currencies were less sensitive, and equities weren’t too ruffled, the S&P500 down 0.1%.

Ahead of key US data, equities rose (S&P500 up 1.1%) and the US dollar fell slightly. Bond yields were little changed.

Fed tightening expectations helped push bond yields and the USD higher. US inflation expectations remained elevated.

Previous strong US jobs data and hawkish Fedspeak continued to resonate, pushing bond yields higher. The S&P500 is down 0.5%, while currencies were mixed. Sweden’s central bank delivered a hawkish hike.

Hawkish Fedspeak weighed on risk sentiment, the S&P500 down 0.8%, and the AUD slightly lower.

Fed chair Powell’s comments were no more hawkish than last week’s, causing a short-lived reaction in bond yields and the US dollar (lower) and equities (higher). Currently, the S&P500 is up 0.6%.

The reaction to Friday’s strong US jobs data extended further, rekindling Fed rate hike expectations. Bond yields and the US dollar are higher, while the S&P500 is down 0.5%.

The ECB and BoE both hiked by 50bp, but markets interpreted their cycles are near an end. Bond yields fell and the US dollar rose. The S&P500 is up 0.9%.