Global equity markets made solid gains on Friday. Weaker than expected US labour market data in conjunction with a soft services ISM pointed towards moderating economic activity, and rekindled hopes for rate cuts by the Federal Reserve later this year. The S&P gained 1.2%, the largest advance in more than two months. US treasury yields declined sharply after the data but rebounded off the lows while the US dollar was weaker against G10 currencies. US nonfarm payrolls increased 175K in April. This was well below the 241k consensus forecast, and the smallest rise for six months. In addition, revisions subtracted 22k ... (full story)