The week ended with a further rise of the Stoxx600NR of + 0.69%, while the S&P500 appreciated slightly (+ 0.26%) with the continuation of good results in Q3, including tech giants Apple and Facebook.

The US market was on a “wait & see” mood for a good part of the week before the announcement of the new FED chairman, Jerome Powell who is a moderate Republican and should be part of the lineage of Janet Yellen as he consistently supported in his policy of gradual rise rates, and would also be favorable to the easing of banking regulations provided by the White House.

The week was rich in news and ended with a rise on the Stoxx600NR of + 0.86%, while the S&P500 posted ultimately a slight increase (+0,23%) due to a rebound on Friday attributable to healthy Q3 results from  technology giants (Microsoft, Google, Amazon) while so far 74% of S & P500 companies have beat expectations against 72% in recent quarters.

This week was more mixed on the European markets, with a slight decrease (-0.3%) for the Stoxx600NR, attributable once again to Catalonia and the imminent triggering of an unprecedented procedure by the Spanish government (Article 155) which would put an end to the autonomy of the richest region of Spain, and would raise even more the level of tension already high in the Iberian Peninsula.

Markets continued their growth this week, both in the United States (+ 0.15% for the S & P500) and Europe, with a 0.5% increase for the Stoxx600.

The results of the Catalan referendum did not have much impact on the markets (IBEX35: + 0.7%), after an ambiguous response from local authorities that did not really reassure the markets.

The rise in US equity intensified this week, with new record highs on the three leading indices, the S & P500, the Nasdaq Composite and the Russell 2000 (small caps).

The bullish sentiment is reinforced by the fact that the economy is becoming less and less cyclical, that the productivity gains provided by technology seem to allow a more steady growth and without significant inflation.