Weekly Macro & Markets View
What were the key global economic data releases, what is Zurich’s view and what does this mean for financial assets?
Weekly Macro and Markets View, Week 3
Highlights and View
-
US nonfarm payrolls rise by
256’000 while the unemployment
rate ticks down to 4.1%
The robust labour market data further reduce investors’ rate cut expectations, but higher yields will weigh on the growth outlook. - Global government bond yields
snap higher, with the latest move
triggered by strong US economic
data
While volatility will remain high, a sharp further rise in yields is not anticipated given economic vulnerabilities, particularly outside of the US. - China’s ‘A’- and ‘H’-shares both
tumble more than 5% YTD while the
10yr government bond yield falls
below 1.6% before recovering
Investor pessimism is accelerating, which we think is somewhat overdone amid upcoming public support to kickstart the economy.
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