Equities gave up some of the previous session’s hefty gain as markets settled in to await key earnings reports from big Wall Street banks. Bonds advanced, led by U.K. gilts which benefited from speculation that controversial tax-cutting plans would be revised.
“Even though investors may look through a disappointing CPI print, it will be a much higher bar to look through weak corporate earnings.” Invesco global market strategist David Chao told clients. “Growth is below trend and decelerating because the Fed is still tightening. This is a tough backdrop for risk assets.”
While the pound eased after Thursday’s sharp rally versus the dollar, 10-year gilt yields extended their fall. They dropped 20 basis points, falling further from the 14-year highs hit on Wednesday. JPMorgan Chief Executive Officer Jamie Dimon offered a stark warning this week that the U.S. is likely to enter a recession within six to nine months and that the S&P 500 could see an “easy” 20 per cent drop.
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