Markets faced a week of contrasts as weakening U.S. employment data reinforced expectations for Federal Reserve rate cuts, while the Australian economy continued to demonstrate surprising resilience. Meanwhile the UK, Japanese and French fiscal and political situations were dominating the headlines for all the wrong reasons. If these were canaries in the coal mine in full voice markets weren’t listening as most overseas markets were up while the local market (mostly banks) went the other way. It is fair to say though that the economic data in all economies is pretty noisy at the moment, to say the least.  

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