EMEA-Listed ETF Flash Flows
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US Equities enjoyed modest gains last week driven by the US technology sector on better than expected results and outlook, further bolstering the prospects for AI processors. Other sectors saw more mixed performance as the rate outlook remains uncertain. Jerome Powell stated at Jackson Hole, that the FED is prepared to increase interest rates further if appropriate. Meanwhile, the labour market remains robust with US jobless claims decreasing to 230,000. The US curve inverted further as 2y yields reached 5.08% while 10y yield ticked down to 4.24%. German composite PMI dropped to 44.7 well below estimated 48.3 while French PMI stagnated at 46.6 also below a 47.1 estimate. Weak business activity reduces chances of the next hike from the ECB. Core Eurozone bond yields came marginally down, while European Equities enjoyed modest gains with defensive sectors outperforming cyclicals. EM equities rallied too while over weekend China announced to halve the stock trade tax which may lift the otherwise poor sentiment. This week will bring a set of data from labour markets with US, Eurozone and Japan reporting unemployment rates. Investors will also focus on the US JOLTS, Non-Farm Payrolls and Hourly Earnings as well as Eurozone inflation data.
