Markets buoyed by bad news and caving in
Markets are responding to the UK u-turn and a weak US ISM read, says NABs Tapas Strickland, plus adjustments to short positions held last week. And a look ahead to the RBA today.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Tuesday 4th October 2022
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There’s been a swift change of direction in markets, with bond yields falling and big rises in equities in the US and Europe. NAB’s Tapas Strickland says there are several reasons for this reversal in fortune. Part of it is a partial u-turn by the UK chancellor over unfunded tax cuts, suggesting the new government is not as cavalier as some had feared. Second, the US ISM numbers came in weaker than expected, showing a fall in demand, rising inventories and a drop in manufacturing prices. Locally, the RBA is expected to lift rates by 50bp today, and tonight the US job openings numbers will be viewed to see if there is any easing in the labour market.
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