Market Compass
After Non-Farm Payrolls…
- The US employment data for July, released on Friday, sent global markets reeling. As we start the new week, traditional markets and digital assets are still recovering.
- The lower-than-expected non-farm payrolls change, and downward revisions for the past two months had many consequences. Investors were worried about a recession and sharp sell-offs were notable. As President Trump fired the director of the agency that prepared and released the statistics, expectations in the markets increased that the US Federal Reserve (FED) would cut interest rates as quickly as possible.
- Aside from the firing of Erika McEntarfer, the head of the Bureau of Labor Statistics, by Trump, his new appointee and his replacement after the resignation of FED official Kugler are causing the markets to test confidence. It will be crucial for the Trump administration to manage this process correctly before doubts about the ability of institutions and individuals in important positions to make independent decisions grow. The president said on Sunday that he may make new appointments to both posts in the coming days.
- Trade disputes also remain on the agenda. This time, the protracted differences between the US and India came to the fore. The Trump administration is threatening to take further measures if India continues to buy Russian oil.
Global markets are on the rebound after the fears brought by the latest US employment data. European stock markets and Wall Street futures are positive. Digital assets managed to recover some of their recent losses. However, we think that more significant developments are required for the rise to continue, and we anticipate that the reaction rises may be limited.
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Information
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