US government shutdown? No way, if it threatens the release of payrolls. Debt ceiling? Matters no more than the context. While sill robust, the first September PMI manufacturing prints were softer than the previous month’s, and animal spirits still missing in global hard data. Worse yet, with our expectations adaptive, even better soft data may not please us any more (Figure 1), and the earnings season kicking off may bring an unpleasant reality check.
Read the full report: Market Research
Nordea