Global markets have been steady heading into Friday's jobs report. But almost as important as positive macro data, according to Art Hogan, chief market strategist at Wunderlich Securities, may be the conversation surrounding it.
"The narrative shifts from 'the slowing global economy has to drag us into a recession' to 'we're probably in the same kind of economy, but not going into a recession,'" Hogan told CNBC's "Worldwide Exchange" Thursday.
China has been driving the slowing-global-economy story so far this year. But Hogan said the perceptions surrounding the world's second-largest economy are improving, too.
"If they stay steady at the tiller in the currency moves that they're doing, versus what we saw last August and certainly at the turn of the calendar, that helps a whole lot," Hogan said. "That shock factor that's not in the market right now."