Multi-Asset Strategy Daily

The market is balancing risk-off sentiment driven by Middle East tensions against anticipation of US payrolls data. Global bond markets (UST, Bunds, Gilts) continue to trade based on energy-driven inflation fears and local growth signals.

Key Takeaways

• 1.Market sentiment remains cautious ahead of the US payrolls report, with geopolitical tensions in the Middle East complicating the de-escalation path for oil and rates.
• 2.Bunds remain anchored by soft economic data, while Gilt markets are watching for evidence of second-round inflation effects from UK labour data.

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