Potential rate cuts music to market bulls' ears

THE message is clear from the world's central bankers: We've got the bull market's back. With that kind of support, more record highs look likely this week.

The bulls were getting jumpy ahead of US Federal Reserve chairman Jerome Powell's mid-week testimony because of fears that strong June jobs data reported late the previous week was too strong, and would discourage central bankers from cutting rates.

When asked directly whether the jobs data changed the rate outlook, however, Mr Powell answered with a simple "no". Seldom has one word caused so many billions of dollars to be added to stock-market valuations.