Fundamental OverviewThe S&P 500 has been on a sustained rally ever since the last FOMC decision with the market continuing to price in a back-to-back 50 bps cut in November. More recently, the PBoC surprised with strong easing measures as Chinese officials seem to have finally decided to go bigger. The market might now looking forward to a pick-up in global growth. On the economic data side, the latest US consumer confidence surprised to the downside with worrying labour market data, but the market quickly faded the reaction. One possible reason could be that the data didn’t incorporate the latest Fed’s decision so the market might want to wait a bit more to see if things pick up in the next
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