Less jobs and cheaper oil pauses bond and equity sell-off
The bond sell-off that dominated the early part of the week has been put on pause today. Why? NAB’s Taylor Nugent says there are a number of factors, but it’s tomorrow’s non-farm payrolls that will rally set the direction for early next week.
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Show Notes
Thursday 5th October 2023
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The bond sell-off that dominated the early part of the week has been put on pause today, with yields down a little and a largely positive picture for equities. NAB’s Taylor Nugent talks through what’s driving this change of sentiment. He doesn’t believe it’s one key thing but it could be down to lower jobs numbers in the latest ADP report, sharp falls in oil prices, no big surprises in the US Services ISM and the danger of a US shutdown back on the list of concerns. All of these factors could lessen the chance of another Fed hike before Christmas, but it’ll be Friday nights non-farm payrolls data that really sets the direction for the start of next week.
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