Morning Bid: Goodbye soft landing, hello emergency landing
Asian markets on Monday get their first chance to react to the extraordinary market moves on Friday that saw stocks and bond yields tumble, and volatility and rate cut expectations soar following an unexpectedly soft U.S. employment report.
Plunging U.S. bond yields may ease financial conditions - Goldman Sachs's emerging market financial conditions index on Friday fell to its lowest since March - but they're loosening for 'bad' reasons, namely recession fears. High yield corporate debt markets will be worth watching closely. This is where the first signs of a 'credit event' usually appear, heralding wider retrenchment across businesses, rising unemployment and ultimately recession.
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