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- Euro zone borrowing costs were mixed on Thursday, after a bond selloff paused the day before as yields hit crucial levels and the German curve reached its least inverted since March.
An inverted curve, usually a reliable indicator of a future recession, means markets are pricing events that would trigger central bank rate cuts. On Wednesday, U.S. jobs data helped give some respite to the bond selloff. The ADP National Employment Report showed that U.S. private payrolls increased far less than expected in September.
Deutsche Bank analysts said in a note,"the recovery accelerated with bad employment data, so the answer to how to get out of the recent rout was clearly the return of 'bad news is good news'."
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