Weak US data unsettle markets again

The main event of the past week was the disappointing US jobs report for September, which clearly did 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 industrial commodities would benefit more from the reduction in uncertainty once lift-off does finally take place. In the meantime, the few winners include gold.