Deutsche Bank
May 11, 2026
Payrolls Beat and Michigan Sentiment Record Low
Daily UpdateEquitiesMacro Economic IndicatorsCommoditiesInformation TechnologyEnergy
US equities hit record highs following a strong April payrolls beat, even as consumer sentiment plunged to its lowest level since 1952. Markets are monitoring upcoming inflation data and a key US-China presidential meeting.
Key Takeaways
- 1.US payrolls significantly beat expectations in April with 115k jobs added vs 65k consensus, suggesting labor market stability.
- 2.US Michigan consumer sentiment reached a fresh record low of 48.2 in May, driven by worsening current conditions.
- 3.Global manufacturing PMI hit a 4-year high as the AI and chip cycle offsets Asian energy-related slowdowns.
Table of Contents
- The week ahead from DB's global analysts
- The day ahead
- Appendix 1
- Analyst Certification
- Important Disclosures
- Additional Information
- International Production Locations
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Authors
Phil Odonaghoe
Securities
S&P 500NasdaqBrent Crude OilUS 10-Year TreasuryXAUUSDCNH
Themes
US Labor Market ResilienceSkepticism of US DisinflationAI/Tech Driven GrowthGeopolitical Stabilization
Regions
North AmericaAsia PacificMiddle EastUnited StatesChinaJapan