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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