Bloomberg Surveillance Market Rally Falters Ahead of Earnings
12 snips
Oct 9, 2025 
Jay Timmons, President and CEO of the National Association of Manufacturers, discusses the critical state of U.S. manufacturing, highlighting workforce shortages and the need for training amidst 400,000 unfilled jobs. He also delves into the impact of tariffs and regulatory policies. Meanwhile, James Steel, Chief Commodities Analyst at HSBC, analyzes the ongoing safe-haven rally in gold and silver, the constraints on gold production, and the dynamics of demand from institutions versus retail investors. The conversation uncovers fascinating insights on market trends and geopolitical influences.
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Diversify With Non-US Value And Credit Workouts
- T. Rowe Price is overweight non-US stocks and value to achieve diversification amid U.S. concentration.
- They also maintain broad credit exposure while doing bottom-up default-probability analysis in high yield.
Earnings Support Current Valuations
- Earnings growth still underpins current market valuations, which weakens the simple 'bubble' narrative.
- Page notes today's large tech winners are cash-flow generating businesses, unlike some 1990s-era speculative names.
Manufacturers Signal Optimism And Labor Strain
- Jay Timmons recalls conversations with manufacturers showing optimism but persistent concerns about tariffs and workforce.
- He highlights 400,000 current open manufacturing jobs and a projected 2 million gap by 2033.