Morning Economic Report 9-5-25

US bourses led the way overnight in a ‘bad news, good news’ rally as employment data continues to show a stalling jobs market. ADP national employment, usually a good barometer for NFP, missed expectation, Challenger Job cuts increased. FEDspeak continues to be mainly dovish. CME FedWatch is pricing 25bps cut in September at 99.3% and sees increased pricing for another 50bps reduction by end-of-year. APAC and EUR stocks took the Wall St cue, and nearly all bourses are positive, albeit with a latter morning fade, fed with an added bonus in stability coming from Trump signing US/Japan trade agreement. Every eye on US NFP, with an expected reading of 75k.

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