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As we headed into the US employment reports, equities, bond yields, and the US Dollar were all modestly drifting lower. On the release, the positive headlines of strong payrolls growth and lower initially saw those shoot higher, before more than fully retracing those moves.

Risk appetite has continued to improve, with a promise from the Fed to be “patient” in normalising interest rates stoking equities.

This morning, the Fed tried to have its cake and eat it, too, leaving markets slightly confused, if not in outright pain.

Another wild night in markets, and it is slightly to surprising to see equities post some decent gains. The Euro Stoxx 50 closed 2.3% higher with energy stocks leading the way, with some investors likely on the hunt for bargains in the still-negative risk environment.