Macro Briefing: 10 May 2024

* Defensive stocks are driving the current market rally
* 30-year mortgage rate drops for the first time in four weeks
* Long delays between Fed actions tend to be good for stocks
* UK economic activity rebounds as country exits recession
* US jobless claims rise to highest level since August:

China trade is falling rapidly with Europe and the US while picking up with Latin America and Asia. “It remains to be seen if President Xi’s trip to Europe, where improving trade ties were emphasized, will help bring about a trade recovery in the coming months,” says Lynn Song, chief economist for Greater China at ING.