US markets better on Friday,  bond yields dropped with the 10 year down 11bp and the two-year down 4bp. The US dollar also dropped 0.35%. Part of that was on the back of a dip in the services sector PMI number from 55.2 to 55.1. Hardly a pivotal release but the first economic number in the last couple of weeks that has come in below rather than above expectations. 55.2 is still a healthy clip as one newswire says, and within the number new orders and employment both rose to more than one year highs, although the prices paid measure in the number fell to a two year low.

• US services sector grows steadily; prices stubbornly high.
• Eurozone recovery gathers pace, PMI numbers allay fears of recession.
• Eurozone producer prices fall due to energy as other goods rise.
• Fed Collins reiterates more rate rises needed to contain inflation.
• Fed "acutely aware” of trouble inflation is causing says report.
• Russians pound access routes to Ukraine’s besieged Bakmut.
• US Attorney General makes unannounced trip to Ukraine. $400 million in new arms aid.
• Sharp drop in equity premium may Mark return to 60/40 portfolio.
• Russia to mothball damaged Nord Stream gas pipelines. No plans to repair or reactivate.
• Biden biopsy sees cancerous tissue removed.
• Houston energy conference next week. Saudi Aramco CEO not attending.

Tune in to Henry Jennings’ Pre-Market Podcast to get in the know for the day ahead. 

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