Asian share markets started in a cautious mood on Monday after a mixed U.S. jobs report sparked a rally in beaten-down bonds, but new hurdles lay ahead in the shape of U.S. and Chinese inflation figures due later this week. | ReutersAsia
With roughly 90 percent of S&P 500 earnings reported, results are 4 percent better than consensus estimates with more than 79 percent of companies beating the Street. Results due this week include Walt Disney and News Corp.
Analysts at Goldman Sachs see a downside risk to the numbers in part due to falling car prices, an outcome that might help keep the bond rally alive and kicking. Any upside surprises would be a test for Treasuries which bear steepened markedly early last week ahead of a flood of new borrowing. In the event, a mixed payrolls report helped reverse much of the losses, particularly at the short tend.
Michael Gapen, an economist at BofA, cautioned the market was still expecting too much policy easing next year given the recent run of resilient economic data.“We now expect a soft landing for the U.S. economy, not the mild recession we had previously forecasted,” wrote Gapen.
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