Equity markets are struggling to return in the green. Although the odds are still in favor of a pause in Fed rate hikes, bond yields continue to rise, which on the contrary foreshadow a difficult monetary future. The cause is a potential reawakening of inflation, fueled by a surge in energy prices.

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Wall Street reopened after an extended bank holiday weekend. Macroeconomic data is also back with the first major statistic of the week, unveiled overnight in China, as well as a central bank decision in Australia. China, which announces new economic support measures on an almost daily basis, continues to be investors' focus, often blowing hot and cold on markets. This morning, it's blowing cold.

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The job data that everyone was waiting for didn’t disappoint. Employers added 187,000 jobs in August and the unemployment rate rose to 3.8 percent, while 3.5% was expected. The Bureau of Labor Statistics also revealed that wage growth slowed. This shows that the job market is cooling, and strengthens the case for ending rate hikes.

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The Federal Reserve’s preferred inflation gauge rose slightly on an annual basis in July, but this was in line with expectations. In Europe and the US, signs are multiplying that inflation remains stubbornly resilient.

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US stocks opened slightly higher this morning, with the S&P 500 Index up by 0.1% after the release of a weak ADP job report.

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Stock markets kept the rebound going yesterday,  buoyed by China's efforts to reverse the negative spiral that has taken hold of its economy. Beijing's stimulus is welcome, but it seems a little too disorganized to create mass enthusiasm, at least at this stage. Investors' attention will quickly turn to the macroeconomic statistics that will punctuate the next three sessions.

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Stock markets closed mostly on a slight rebound last week, after a rather complicated start to the month. The good times that lasted from January to July seem well and truly over:  the last three weeks have been tricky to say the least. Two factors have weighed heavily: China's weak economic recovery and fears of persistently high key rates in the US. 

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Despite hopes, Nvidia didn’t deliver the rally some expected, the fault of a rather distrustful global market on the eve of a much-anticipated speech by the Fed Chairman. So it's time to listen to Jerome Powell today, live from Jackson Hole in Wyoming, where central bankers are holding their traditional annual summit at the end of August.

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Nvidia's results were probably the most eagerly awaited corporate figures of August. The Californian firm didn’t disappoint, confirming the explosion in demand linked to artificial intelligence. This is a welcome boost for stock markets in need of a new chapter after a difficult start to August.

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I know, I keep talking about it, but there’s no escaping the topic of big tech and central banks this week, since we have Nvidia’s results and the Fed ‘s Jackson Hole symposium.

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