Markets settled into a holding pattern ahead of Friday’s key US jobs data, with stocks and American equity futures little changed, Treasury yields flat and a gauge of the dollar steady.
“Markets’ more cautious stance on risk assets is set to continue as the support from resilient US growth is increasingly offset by the need for high rates for longer,” said Thomas Hempell, Head of macro and market Research at Generali. “We still expect more economic pain to erode corporate margins, especially in the euro area, while elevated equity valuations look vulnerable to a correction.”
China’s fresh efforts to rescue an ailing economy sent the MSCI Asia Pacific Index toward a second straight week of gains, the longest such streak since mid-June. The government will allow the nation’s largest cities to cut down payments for home buyers and encouraged lenders to lower rates on existing mortgages as well as on deposits.
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