Jobs and Services data will keep Fed on their toes

All major global stock-markets were lower last week apart from India which managed to gain slightly. Bond yield rose, commodities were mixed but generally higher.

The monthly private payrolls report from ADP (a giant US payroll processing company) showed that 497k US jobs were unexpectedly created in June – well above forecasts. This is why the US 10yr Treasury yield jumped above 4% last week for the first time since March. At the same time the yield on the UK 10-year gilt rose above 4.7%, the highest since October 2008.

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