The new week started with caution. The US and Canada were off, and news from Europe weren’t exceptional. The data released on Monday showed that the manufacturing PMI figures for August were slightly higher than expected, but numbers in major Eurozone countries remained below 50, in the contraction zone for another month.
Today, the US will return from its long weekend and we could start seeing some action in the markets. It felt yesterday that the absence of the American markets revived the worries that we might see a rebound in US jobs figures this week – a scenario which would derail the Federal Reserve doves, reshuffle the Fed cut expectations and give way to a potentially sizeable price action across different asset classes.
And you can see the lack of enthusiasm in iron ore futures that dived to the lowest levels since November 2022.also retreated at the start of this week. Down in Australia, which is one of China’s biggest trading partners and where the economy relies on export of commodities like iron ore, theThe Australian economy grew by a mere 0.1% in Q1, and while expectations for Q2 are slightly better, the challenges are far from over.
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