Rio Times Global Economy Briefing
The Big Three
America lost jobs. The economy unexpectedly shed 23,000 jobs in July, against forecasts of an 80,000 gain — a startling reversal that reshaped expectations for interest rates.
Records anyway. The S&P 500 closed at an all-time high and the Nasdaq jumped 1.3%, as a weak labour market convinced investors the Fed will hold rates rather than raise them.
A gift for Brazil. A softer US outlook pulled the dollar and bond yields down, while at home wholesale prices fell further and foreign bets on the real climbed sharply.
