Rosenberg Daily Soundbites

• Bond markets are generally quiet, but there is still some noise on the periphery; Asian equities were mixed; we still see significant pockets of deflation out there
• It was amazing to see everyone’s analysis yesterday of the non-manufacturing ISM index — despite how soft it was
• The U.S. service sector ISM came in light
• ADP — nice rebound: The ADP jobs data doubled market expectations — coming in at +157k for June but the next question is how to interpret the data
• As for nonfarm payrolls tomorrow, one can now see the prospect for 150-175k print given the relationship between ADP and private payrolls in the Bureau of Labor Statistics release