Stock markets weak on US labour market and ahead of the ECB and Fed decisions
US labour market data came in weaker than expected, but showed that the normalisation phase continues, albeit at a slower pace than in the first half of the year. The data were consistent with soft landing scenario, but start to justify a monetary policy easing. The interest rate market reacted by staying on a downtrend, pricing in a broader macro slowdown outlook. Profit-taking on the stock markets.
Focus is now on the central banks, first the ECB, then the Fed.
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