Monday 26th June 2024

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Bond yields fell on Friday as PMI reads came in softer than expected. As well as further falls in manufacturing, as NAB’s Taylor Nugent points out, the outperformance of services has weakened, particularly in Europe where the Services PMI in France fell into contraction territory. Does this mean central banks will be less hawkish? The Fed’s Bostic said at the weekend that perhaps the FOMC has had its last rise and all that’s needed now is time for the impact of their policies to kick in. It’s a busy week for inflation numbers, including the monthly Australian figure, ahead of the RBA next week. And the shortest civil war ever. Could it pass by with no market impact whatsoever?

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