Morning Bid: A November to remember..
Asian markets started what promises to be a momentous month on the cautious side, with investors shunning risk assets ahead of Friday's U.S. jobs data and next week's presidential election.The Caixin/S&P Global manufacturing PMI for China reinforced upbeat findings the day before in an official survey and suggests that the slowdown in the world's second-largest economy may have troughed, as a series of government stimulus measures begins kicking in to boost growth.
Analysts fear the spending-heavy budget could put upward pressure on inflation and had investors betting that the Bank of England may have to slow the pace of future rate cuts. Two-year gilt yields have surged 27 basis points so far this week to the highest since May, although that seems tame compared with the 89-basis-point rout that followed Liz Truss' 2022 effort.Hurricanes and strikes have made it tricky to read the jobs data.
Of course, the day before that there is the U.S. presidential election, with candidates Donald Trump and Kamala Harris running neck and neck. Some investors have been trading on expectations that a Trump win could bring inflationary policies.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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