The ADP employment data (152,000 vs 175,000) and the soft employment component of the U.S. services PMI continue to weigh on market risk appetite. Survey respondents indicated adjustments to their hiring and capital investment strategies and managing borrowing, feeling the economic slowdown, decreasing recruitment, slight price increases, and high interest rates reducing capital investment and slowing upgrades to major facilities. Despite this, the market seems to overlook the strongest overall performance of the non-manufacturing ISM index in 9 months (53.8 vs 51).
