It's only Monday but it feels like markets already have plenty to digest this week. Geopolitical tensions remain up in the air. Higher oil prices. Surging bond yields. Stocks and gold under threat again. It's all to play for with month-end and quarter-end volatility also set to kick into gear. But in terms of macro catalysts, the big one is arguably the US jobs report that will only come on Friday. The main worry for markets right now isn't that employment conditions suddenly look weak. It's almost the opposite. US economic activity has remained surprisingly resilient despite higher rates, and that resilience is becoming more and more difficult for the bond market to ignore. The September flash composite PMI jumped to 58.
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