US jobs beat economists’ forecasts, which lifts the S&P 500 to another new record high and douses market expectations for Fed rate cuts this year to 50 basis points. Australia’s trade surplus halves in May, and UK’s bond market goes on a wild ride.

In our deep dive interview, ANZ Chief Economist for Southeast Asia and India Sanjay Mathur assess how growing US deficits will see Asian investors diversify away from the world’s largest economy.

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