Equity highs, then PMIs

Friday 21st August 2020US equities continue to rise, even though the jobless claims numbers rose last week. Phil Dobbie asks NAB’s Gavin Friend, at what point will they appear to be overvalued? There’s also discussion on bond movements, the continued fall in the Kiwi dollar, even against a weaker US dollar today, and the rise in the pound. There’s lots of PMIs released today – services and manufacturing for the UK, Germany, the Eurozone and the US – what will they tell us about the shape of the global recovery?

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