Bloomberg Daybreak: Asia Edition US Jobs Numbers Miss, Xi in Europe
4 snips
May 6, 2024 Chief Economist Brian Jacobsen discusses market outlook; Oriana Skylar Mastro covers Chinese President Xi Jinping's trip to Europe; Mary Nicola on China's stock market rally. Topics include US jobs data, Chinese-European economic relationships, AI impact on global exports.
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Inflation Outlook
- Goods price deflation, especially in durable goods, is occurring.
- Wage growth has moderated, potentially leading to slower service sector price inflation.
Equity Market Strategy
- Focus on companies that can maintain or expand profit margins relative to peers.
- Be cautious about consumer discretionary stocks due to potential slowdown.
Economic Growth Shift
- Manufacturing might be gaining strength due to AI investment, efficiency gains, and government infrastructure spending.
- Industrials and materials sectors are viewed favorably due to reasonable valuations.