Weekly Market Brief

June's preliminary PMI employment data suggests cooling labor markets across the US, UK, and eurozone. This moderation supports a patient outlook for Western central bank policy, making short-dated government bonds attractive.

Key Takeaways

• 1.Preliminary PMI employment data for the US, UK, and eurozone indicates a moderation in labor market conditions.
• 2.Softening labor markets and contained wage growth suggest that Western central banks can maintain a patient monetary policy stance.
• 3.Short-dated government bonds are viewed as attractive relative to market pricing for policy tightening.

Table of Contents

• Thought of the week
• Labour markets today are much weaker than four years ago
• The Week Ahead
• Market statistics

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