UBP flags softer US labor data easing pressure for near-term Fed rate hike
SPY•Yields fall and dollar weakens ahead of US CPI
Developed-market yields fell; the US 10-year was down 9 bps to 4.65%, Bund yields fell 7 bps to 3.13%, and gilt yields dropped 13 bps to 4.92%.
The dollar weakened into US CPI focus; gold rose above USD 4,350/oz as markets priced a higher bar for further Fed tightening.
Energy lags as Brent slips and risk sentiment improves
Energy lagged as Brent slid 7.3% to USD 83.6/bbl; risk sentiment improved on easing geopolitical fears.
Global equities post strongest week in about three months
Global equities posted the strongest week in about three months; the MSCI ACWI rose 2.9%, the S&P 500 gained 3.6%, and the Nasdaq climbed 5.2% on AI enthusiasm.
UBP sees softer labor data reducing near-term Fed hike risk
Union Bancaire Privee flagged soft US labor data as reducing near-term Fed hike risk; July non-farm payrolls fell 23,000, while wages rose 3.2% year on year.
