With the plunge in rate-hike odds and fears over Brexit, it appears the safety of global developed market bonds is sought after as Bloomberg's Developed World Bond yield slumps to just 62bps - a record low. Yields are moving opposite to what economist expected (and have been expecting since the fall of 2011 when Ben Bernanke broke the capital markets).
Record low global bond yields...
Submitted by Soeren Kern via The Gatestone Institute,
The National Front party has accused Paris Mayor Anne Hidalgo of putting the concerns of migrants ahead of those of French citizens. In a statement, the party said that the number of homeless people in Paris had increased by 84% between 2002 and 2012, but that Hidalgo has shown little interest in alleviating the problem.
Every ugly nonfarm payrolls has a silver lining, and sure enough following Friday's disastrous jobs report, global mining and energy companies rallied alongside commodities after the jobs data crushed speculation the Fed would raise interest rates this month. “The disappointing U.S. jobs report on Friday means that a summer Fed rate hike is off the table,” said Jens Pedersen, a commodities analyst at Danske Bank. “That has reversed the upwards trend in the dollar, supporting commodities on a broader basis.
The back and forth between the US and China continues, as US defense secretary Ash Carter said today at the 15th Asia Security Summit in Singapore that China risks isolating itself with its actions in the South China Sea.
After yesterday's two key events, the ECB and OPEC meetings, ended up being major duds, the market is looking at the week's final and perhaps most important event of the week: the May payrolls report to generate some upward volatility and help stocks finally break out of the range they have been caught in for over a year. However, even today's jobs number will likely be skewed as reported previously as a result of the Verizon strike which is said to trim some 35,000 jobs from the headline print, casting anything the BLS reports today in doubt.