ADP employment data (152,000 vs 175,000) and soft employment component of US service sector PMI continued 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 with slight price inflation, and reduced capital investment and slowed upgrades of major facilities due to high interest rates. Despite this, the market seemed to overlook the strongest overall performance of the non-manufacturing ISM index in 9 months (53.8 vs 51).
