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The Bank of England has blamed, not without reason, Vladimir Putin's murderous invasion of Ukraine and the attendant energy price shock for much of the current spike in prices. Yet any chief executive worthy of the job should be preparing against the risk of another shock, that brought on from Western disengagement from China. The price stability of the last 30 years was in large measure the result of the disinflation resulting from technology and globalisation. The West in effect traded its economic resilience for cheap prices and the supposed efficiencies of 'just-in-time' global supply chains.
European shares were mostly in the red on Friday as investors digested a far stronger-than-expected US payrolls report.
For investors who had grown accustomed to market conditions where 'bad news' on the economy was 'good news' for stocks, Friday's much stronger-than-expected reading on the US jobs proved a disappointment.
The US economy created far more jobs than expected last month pushing the unemployment rate a tad lower.
A so-called 'pivot' by the US central bank was likely, argued strategists at Citi, but company earnings growth remained a risk, prompting them to stay "cautious" on risk, long on duration and the US dollar.
Equity strategists at BofA Securities recommended clients "short" the S&P 500 on moves above 4,342. 0, where the index's 200-day moving average was to be found and to fade it above 4,200 points.
All eyes at the end of the week will again turn to the US and the release of the monthly non-farm payrolls report, this time for July.
European stocks made gains on Thursday despite the biggest rise in UK interest rates since 1995, and growing tensions between the US and China.
Analysts at Credit Suisse lowered their target price for shares of Smith&Nephew after what they described as a "mixed" set of interim results.
America's shortfall on trade with the rest of the world in goods and services shrank a bit more than expected in June amid a sharp jump in exports.
Financial markets' focus on Thursday will shift back to the UK where rate-setters at the Bank of England are due to meet to decide on monetary policy.
European shares continued to push higher on Wednesday as investors as concerns about the impact of US House Speaker Nancy Pelosi's visit to Taiwan ebbed.
The Organisation for Petroleum Exporting Countries and its main allies, whom together are known as OPEC+, revised their combined output quotas for September higher but by far less than in the previous month.
The US Federal Reserve and the European Central Bank may be able to lower inflation in an orderly fashion while achieving a relatively soft landing, a top Fed official said.
Activity in the US services sector accelerated unexpectedly in July, the results of a closely-followed survey revealed.
Services sector activity in the US slumped during the previous month with output falling at its fastest pace since May 2020, revised data for a survey of sector conditions revealed.
Investors' focus in the middle of the week, leaving geopolitics aside for the moment, will be on a raft of survey readings for services sector activity on both sides of the Pond.
Analysts at Bank of America lowered their target price for shares of precious metals miner Fresnillo but reiterated their 'buy' recommendation following the outfit's latest interim figures.
European shares were down as fears of an economic slowdown and rising geopolitical tensions between the US and China dampened sentiment.
The US jobs market tightened up a bit as economic growth slowed, the results of a closely-followed survey revealed.