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Few winners from weak US payrolls

The disappointing US jobs report for September will clearly do little to improve investor confidence in the global economy. Yes, it will probably delay the first interest rate hike from the Fed until early next year. However, our view remains that the prices of equities, other emerging market assets and industrial commodities would benefit more from the lifting of uncertainty once lift-off does finally take place. In the meantime, the few winners include safe-haven bonds – and gold.

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