Friday night was another volatile one on global markets with the bearish news of the Russian attack on the power plant and the conflicting news of the US NFP employment figures showing a much stronger than expected surge in new jobs of 678K (v 423K expected) but also unexpectedly weak wage growth of just 0.5% amid the rampant inflation reinforcing Main Street America is going backwards. This sets the scene for Bloomberg’s Spot Commodity Index printing its biggest jump since the stagflation crisis of 1974.
