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US equities posted weekly gains (+2.5%) amid a general tone of optimism around the economy and upcoming Fed moves. Global stocks followed suit, with European and Asian markets higher, helped by better-than-expected inflation and manufacturing prints in their regions. Interest rates also rose, with the 10-year Treasury yield ending the week near 4.2%. The bond markets saw a pullback in rates from last week's 2023 highs, as expectations for further Fed rate hikes have eased. In August, US employers added 187k jobs, and the unemployment rate rose to 3.8%, driven mostly by an upsurge in labour force participation. On Wednesday, real GDP growth was revised down to +2.1% annualised in the second quarter, below expectations. Softening data led markets to reduce expectations of an interest rate hike at the Fed’s 20 September meeting. In the eurozone, the annual inflation rate was steady at 5.3% in August, and the PMI dropped to 47.0, as manufacturing contracted and the services component sank sharply. Euro growth momentum appears to be weakening due to persistent price pressures and a deterioration in the services sector. Important economic data being released this week includes July factory orders and the ISM Services PMI report for August. Investors will also focus on the eurozone GDP, China trade balance, China CPI, China PPI, Japan GDP and UK PMI.
