Deutsche Bank-DBDaily US wage data beats, Fed ahead-107934234

DeutscheBankEconomicsDateResearch1May2024DBDailyGlobalUSwagedatabeats,FedaheadUSwagedatabeats,FedaheadPhilOdonaghoeUSA:CBconsumerconfidence(Apr):Down6.1ptsto97,belowmkt.EconomistUSA:ChicagoPMI(Apr):Down3.5ptto37.9,belowmkt.+61-2-8258-1606USA:DallasFedServicesActivity(Apr):Down5.1ptsto-10.6.USA:Employmentcostindex(Q1):Up1.2%qoq,abovemkt.CAN:GDP(Feb):Up0.2%mom/0.8%yoy,belowmkt.EMU:GDP(Q1):Up0.3%qoq/0.4%yoy,abovemkt.EMU:HICP(Apr):Up0.6%mom/2.4%yoy,atmkt.DEU:Retailsales(Mar):Up1.8%mom.JPN:Industrialproduction(Mar):Up3.8%mom,down6.7%yoy.JPN:Retailsales(Mar):Down1.2%mom,up1.2%yoy,belowmkt.CHN:ManufacturingPMI(Apr):Down0.4ptsto50.4,abovemkt.AUS:Retailsales(Mar):Down0.4%mom,belowmkt.WebinarReplay:DB'sFOMCpreview.50minutes,here.USequitieswereweakerTuesday,S&Pdown1.6%.US10yryieldsup7bpsto4.68%followingasolidbeatonUSwagedata.AbeatonUSemploymentcostindex,up1.2%qoqinQ1,consensusat1.0%qoq.Figure1:MarketSummaryStrengthappearsbroadbased:privatewagesandsalariesup1.1%qoq,highestsinceQ2lastyear.WillbeuncomfortablefortheFed,consistentwiththestickyEquities5035.69-1.6%FX-0.55%inflationnarrative.S&P500504.89-0.7%EURUSD1.0669-1.15%Stoxx6000.0%USDJPY157.70-0.39%AmissonUSconferenceboardconsumerconfidence,down6.1ptsto97.0inFTSE8144.131.2%GBPUSD1.2493-0.65%April.AmissaswellonChicagoPMI,down3.5ptsto37.9inApril.Nikkei22538405.66-0.5%USDCA...