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