The ISM services PMI surprised positively in July. The headline index expanded 2.6 ppts to 51.4, reversing May’s fastest pace of contraction in four years. Notably, the business activity subcomponent increased 4.9 ppts…

  July nonfarm payrolls expanded by 114 thousand workers, a sharp slowdown from June’s downwardly revised 179 thousand, and significantly disappointing expectations of 175 thousand. The unemployment rate unexpectedly edged…

  A decisive risk-off mood dominated markets at the end of last week, amid disappointing payrolls, tech earnings and manufacturing PMIs. The Nasdaq and other tech-heavy stock markets such as Japan, Korea and Taiwan led the equity…

  According to BCA Research’s Commodity & Energy Strategy service, robust iron ore imports are sending a false signal about steel demand. Instead, these supplies are being used to restock inventories. By the end of…

  Sweden’s manufacturing PMI started contracting in July, plummeting from 53 to 49.2, falling far short of expectations that growth would broaden. Weakness was broad-based. Notably, new orders and new export orders plunged…

  No clear risk-on/risk-off pattern emerged from July’s market performance data. On the one hand, consistent with a risk-off environment, US bonds ranked highest in the monthly return distribution, while pro-cyclical…

  According to BCA Research’s Global Asset Allocation service, there are clear signs that growth is weakening. BCA’s Global Nowcast has been slowing for three months. Behind this slowdown is the fact that the US…

  FOMC members unanimously voted in favor of keeping rates on hold in July but signaled that a September cut is on the table. Inflationary pressures have indeed continued to ease over the past several months. Notably, the…

  The Bank of Japan hiked its policy rate by 15 bps from 0.10% to 0.25% on Wednesday, and announced further quantitative tightening, reducing its pace of monthly bond buying from JPY 6 trillion to JPY 3 trillion. While the central…