High yields for longer remains the key narrative driving financial markets.10-year US treasury yields traded close to 5% weighing on equity markets and JPY, as the contrast to the low yield regime in Japan grows larger still. Strong US data benefitted USD and risk-off sentiment took a toll on cyclically sensitive currencies like SEK and NOK.
US PMI data was better than expected and the Q3 national accounts emphasised how solid the US economy really is, with annualised q/q GDP growth of 4.9%, primarily driven by very strong private consumption. Core PCE inflation was slightly below expectations, though, which drove US yields somewhat lower. The Japanese data indicated, the economic recovery has lost some steam with composite PMI at 49.9, below the 50-threshold for the first time this year.
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