NAB Morning Call Markets Climb, Jobs Hold, Trump's Wobbles
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Nov 5, 2025 Rodrigo Cutril, a markets analyst, shares his expert insights on economic indicators and global market trends. He discusses Europe's gradual recovery indicated by revised PMIs and the unexpected strength in U.S. services data. The conversation turns to Donald Trump's political challenges and the implications for markets, as equities rise and bond yields react to Treasury comments. Additionally, the duo evaluates the reliability of ADP payrolls, the performance of New Zealand’s labor market, and potential Bank of England rate cuts.
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Europe's Slow, Broad Services Recovery
- Europe is showing a slow but broad-based recovery led by services and improving PMIs.
- The US services sector also surprised to the upside, supporting a positive macro backdrop.
Risk-On Markets Lift Yields
- Markets turned risk-on with equities up and treasuries selling off, lifting global yields.
- Oil dropped on concerns supply will outstrip demand despite equity gains.
Earnings And Labour Support Equities
- Earnings season has been broadly positive with many firms beating expectations and showing earnings growth.
- Labour market strength and AI-driven gains in companies support equity optimism despite valuation risks.