Rearranging the Chairs

Tuesday was another down day for most markets as the US weekly ADP jobs report suggested the labour backdrop is weakening and housing starts sagged. As the FT puts it, ‘Oracle’s astonishing $300bn OpenAI deal is now valued at minus $60bn.’ Wednesday is mixed so far in Asia for bonds: Australia is seeing its 10-year yield down around 2bps and Japan’s equivalent is up 3bp – and neither is what their economies need right now; but there as elsewhere, with K-shapes all over, nasty politics, and worrying geopolitics, what is? That question it tied up with ‘who is?’