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The August US employment report sent two contradictory signals: a sharp slowdown in job creation (+235k) reflecting the impact of the variant delta, but an acceleration in wages (+0.6% m/m and +4.3% yoy) highlighting the labour shortage. See our Friday’s news on this subject.
Equity markets were hesitant in the US but declined in Europe due to the weakening of the dollar (EUR/USD exchange rate crossing 1.19) and long term bond yields were slightly on the rise.
The USD is recovering a little this morning (1.1870), which could support European markets, especially as US markets are closed.
German industrial orders rebounded strongly for the second month in a row in July, confirming the reduction of bottlenecks in the automotive sector.
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