Emerging markets vs US equities at all-time lows
MSCI Emerging Markets Index (USD)
as of November 2023
Worth noting - the ‘Euphoria’ in US-tech
Non-farm payroll data came out strong, but…
- US jobs data has been mixed.
- “New jobs” came out strong leading to expectations that the Fed may be able to engineer a soft landing.
- Manufacturing jobs gained in November, following losses in October.
- US10Y climbed marginally following this data release – indicating diminished hopes for further rate cuts anytime soon.
…initial unemployment claims continued to rise, …
- Initial unemployment claims (NSA), has been on an upward trajectory since September 2023
US auto sales exhibit resilience
- Light Weight vehicle including autos and light trucks continue to exhibit resilient sales numbers (data ending November 2023)
- This indicates continued strength in the US consumer
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