More rate cut talk, except in NZ; Risk adversity drives yields to record lows in Europe

There was a batch of bad data from the US in the last 24 hours but, as NAB’s Rodrigo Catril tells phil Dobbie, Jerome Powell and James Bullard have been cautioning markets not to overreact. ‘It’s not the end of the world,’ Bullard told Bloomberg. It might seem like it in Europe, where bond yields have reached record lows. The pound is one of the biggest losers, with weak retail data and Boris Johnson sounding tougher on Brexit during a round of media interviews. And the RBNZ meets today, but expectations of a rate cut have unwound a little. Oh, and Australia beat England in the cricket.

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