China scotches Zero COVID speculation, again
Expect a reversal to Friday’s positive sentiment, says NAB’s Skye Masters, as China refutes claims they are heading to an end to zero COVID. Plus the takeout from US and Canadian labour market numbers and the RBA statement on monetary policy.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 7th November 2022
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It seems likely we’ll see a reversal to some of the positive sentiment on Friday that saw equities and commodity prices rise, driven by the renewed hope that China was moving towards an end to their zero COVID approach. The official word over the weekend was that that was not the case. NAB’s Skye Masters says there was also a positive response to non-farm payrolls in the US on Friday, with a rising unemployment rate suggesting the labour market was easing and there would be less pressure on the Fed, supporting the case for a 50pc rise at the next FOMC meeting. But in Canada the labour market is as tight as ever, it seems, evidenced by rising employment numbers on Friday.
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