Australian shares are set to surge. China pares reserve requirements. Oil, iron ore extend advances. US investors bet on soft landing. Follow updates here.
In a note, Capital Economics said it was revising several US forecasts because its previous expectations have proved wrong: it had been projecting that the SP 500 would struggle over the back half of this year, the 10-year Treasury yield would fall, and the US dollar rally.
“An important driver of these developments, in our view, has been the surprising resilience of the US economy. We – and many others – had expected a recession by now, with an associated deterioration in investors’ risk appetite, as monetary tightening weighed on growth. Instead, the US economy has generally held up well, even if activity is faltering in many other economies.”
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