Wednesday 12th June 2024

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A mixed set of numbers overnight. The UK’s employment numbers showed wage pressures remain, whilst the NAB business survey also demonstrated inflation stickiness. NAB’s Ray Attrill says wages are a lagging indicator, and you can’t jump to conclusions that any of these numbers will change the central banks’ current trajectory. The path of cuts expected by the Fed becomes clearer with the release of their dot plot tomorrow morning. Meanwhile, bond yields fell overnight, helped by a positive auction result, and shares have been helped by Apple announcing the new AI iPhone. Economies and households might be struggling but we’ll always get excited by a new gadget.

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