Stocks push lower following solid US jobs report
|Equities have dropped for a second day, as a healthy set of US job numbers dashes hopes of tempering in the Fed’s hawkishness.
Stocks drop back following non-farm payrolls
“Those hoping for a Fed pivot have been sorely disappointed with today’s job numbers, which have confirmed that US economy continues to rumble along quite well. The latest bear market bounce has now begun to wilt as investors wearily return to expectations of at least 125bps of tightening by the end of the year, with more to come in 2023. Once more we are back to buying the dollar and selling stocks, in a continuation of the themes that have been so strong throughout the year. Even the impending commencement of earnings season offers little hope, given how weak performance here has been.”
Natural gas holds steady after shaky couple of days
“The spectre of a cold winter looms large over Europe, and while gas prices haven’t risen much over the past two days, and may struggle now that the dollar is rising again, they still pose a severe threat to the European economy. Demand is sure to pick up into year-end, suggesting that another rally in gas prices is just around the corner.”
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