Friday 2nd May 2025

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It’s been a session heavy on news and data, largely seen as positive, particularly inequity markets although they lost some of their gains towards the US close. NAB’s Rodrigo Catril says two things were driving shares higher. First, yesterday’s string earnings results for Microsoft and Meta. Secondly, the Manufacturing ISM, although down, was better  than expected. Markets have taken that as a good sign and repriced rate cut expectations from the Fed, but Rodrigo is more cautious. Data from May and June will be more representative of the impact of the Trump trade agenda. On that, tonight’s, non-farm payrolls could be very influential. The continuing jobless claims overnight could be a warning sign, heading up to a multi-year high.

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