Market movers today

  • Following plenty of releases last week, we are heading for a quieter week on the global agenda. There are no big movers today and the only number of interest will be euro-zone Sentix investor confidence, which we expect to show a small increase to 11 in August from 10.1 in July.

  • The rest of the week the main events will be ISM non-manufacturing in the US tomorrow and the ECB meeting on Thursday.

  • In Denmark it is time for currency reserve data. For more on Scandi markets see page 2.

Selected market news

The US labour market report came out slightly weaker than expected, although non-farm payrolls at 209k only fell marginally short of the consensus forecast at 230k, especially as June was revised marginally higher to 298k. Hence, job growth has been fairly robust over the past two months. However, the market had probably been expecting a more positive outcome and importantly, the details revealed that the unemployment rate ticked one-tenth higher and that wage growth is still very modest. Hourly earnings were flat m/m rising just 2.0% y/y. Hence, the report supports the Fed’s view that there is still plenty of slack in the labour market, see US job report confirms decent job growth with low wage pressure and plenty of slack, 1 August.

The report gave strong support to the global fixed income market and US 10y yields dropped some 10bp during the session, while yields on 10y Bunds dropped to 1.13% again. The weak global equity market also supported the bond market as investors got a bit nervous ahead of the weekend with many uncertainties lingering: Argentinean default, Banco Espirito Santo in Portugal (see more on page 2) and the geo-political uncertainty in Ukraine and Gaza. Add to that poor earnings from Adidas. The strong ISM report later in the day did little to help sentiment.

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