Morning bid: Cooler US takes edginess off markets, UBS jumps
World markets have returned to levels of almost month ago as fears of an overheated U.S. economy abate even as corporate profit growth remains brisk. The April miss on new payrolls and the sight of annual wage growth ebbing below 4% have been enough to switch the narrative back to a Federal Reserve which is on hold for now, rather than one that may even consider further interest rate hikes. What's more, the Fed's latest loan officers survey shows renewed weakening in demand for industrial loans and a decline in household demand for credit in the first quarter of the year.