Global markets were higher on Friday as the US market moved to fresh highs with the Technology sector leading the charge.
Closely watched US employment figures sent investors mixed signals on the strength of the US labour market on Friday. The report showed that 138,000 jobs were added in May (which was below market expectations), with the jobless rate falling to 4.3%. The data saw the yield on US Treasuries drop to the lowest levels this year and the US dollar also sold off.
While the mixed jobs numbers are unlikely to deter the US Federal Reserve from hiking interest rates later this month, the market is beginning to question how many further rate hikes will be carried out this year. We will be watching developments closely as to whether the data was one-off in nature or a developing trend.
As we discussed last week, one of our main portfolio investment themes is that the current tourism boom is set to continue, and our tourism facing stocks (including airports & airlines) ha...
