Emerging Money Daily Audio Call July 6 - Higher rates continue to wear on global stocks and other asset classes, with the European long having another breakout day. 

While the ADP numbers this morning did not invoke significant inflation fears there is a sign of tightness in certain parts of the US employment picture, meanwhile tomorrow we have the big jobs number and it's hard to see how even a moderate print will stop the Fed from their path towards normalization.

Reflation and interest-rate sensitive themes therefore continue to trade with strength or weakness in the case of retail/tech.  Banks remain bid but also metals and even some parts of the Ag chain very resilient.

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