Pivotal Moment For Markets
Weak numbers/uncertain statistics/markets look to set up recession trades
S&P 500 15 Minute
Price action;
Equities gapped higher on a very weak Nonfarm Payroll report as FED rate will cut now within 2 weeks and by more than 25bps.
However, having gapped higher, market sold off as FED now cutting into weakness rather than strength.
Bonds rallied hard, yield on US 10 year dropping to 4.07.
USD weakened pushing EURO & Aussie to breakout levels
Gold hits all time high above $3,500, Silver at $41
Oil collapses as economy now not strong as Trump and Powell have been telling us
Friday's Economic Reports
Economic Indicators Released Overnight
Breaking
Treasury Secretary Bessent calls for entire review of Fed [investing.com]
Japan says US trade deal not settled, awaits pharma, chip orders [Reuters]
EU fines Google nearly €3bn for ‘abusing’ dominant position in ad tech [Guardian]
BLS Says Database Lockdown ‘Normal’ Ahead of August Jobs Report [Bloomberg]
Bitcoin Update
BTC couldn't sustain the positive price action before NFP and leaves a long shadow above the bear flag.
Commodities Update
Gold makes a new all time high. Amazingly powerful trend, target 4,000 for the move to the top of the trend channel.
CRE Update
The haircuts are now spreading to pooled investments, and office contagion now spreading to multi-family. Against a backdown of overpriced and oversupplied residential markets and a hard meltdown in price in Canada and New Zealand, housing could yet again be the last straw.
What's Next?
ECB monetary policy meeting before the FED this week after will be of key importance, along with US CPI and PPI. And US 10 and 30 year bond auctions.
Worst potential outcome would be perception of FED cutting into accelerating inflation. Those bond rallies could flip on a dime.
This Week's Important Economic Indicators [London time]
