Weekly Macro & Markets View
What were the key global economic data releases, what is Zurich’s view and what does this mean for financial assets?
Weekly Macro and Markets View, Week 37
Highlights and View
-
The number of US nonfarm payrolls
grows a solid 162’000 in August
Robust employment numbers keep a Fed rate hike in September on the table, though this week’s inflation data will be crucial. -
The AfD wins close to 44% of the
vote in German state elections for
Saxony-Anhalt, falling just short of
a majority of seats
While the immediate macro implications are limited and the results were close to polls beforehand, fractious politics in Germany and France are likely to be an increasing source of market volatility. -
French covered bonds trade at
record premiums to sovereigns
Reminiscent of a periphery dynamic, investors are increasingly focusing on France’s political and fiscal headwinds, valuing the structural protection of covered bonds amid rising sovereign risk.
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