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 Spanish situation will continue to weigh for some time, while negotiations can only take place later on, with concessions from Spain evolving potentially on a more federal model.
At the same time, the quarterly earnings season began with a few US banks (Citibank and JPMorgan) that reported mixed results due to disappointing trading results. Markets continue to advance in line with the economic cycle, while no negative themes for the time being emerge, both in terms of geopolitics and interest rates, while central banks stick with their accommodative policy. The rates have remained fairly stable this week, while the Euro / dollar is also relatively quiet at around 1.18.
Donald Trump refused this week to certify the Iranian nuclear agreement, and imposed sanctions on the guardians of the revolution. This new level of tension benefited oil this week which ended up nearly 4% around $ 51. Also note the good performance of raw materials, such as copper (+ 3.9%) and especially nickel (+ 13.2%) which lead in their stride part of the emerging markets to the rise.
BRE (Lyxor - Basic Resources Europe) : rebound of the Mining Sector in Europe - weekly data
At the end of the week, Donald Trump also denounced the Obamacare subsidies which penalized the American hospital sector.
XHS (US Health Care Services) under pressure after Trump's decision to end subsidies : weekly data
Risk appetite is important, but sectoral rotations remain in place.
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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 Spanish situation will continue to weigh for some time, while negotiations can only take place later on, with concessions from Spain evolving potentially on a more federal model.
At the same time, the quarterly earnings season began with a few US banks (Citibank and JPMorgan) that reported mixed results due to disappointing trading results. Markets continue to advance in line with the economic cycle, while no negative themes for the time being emerge, both in terms of geopolitics and interest rates, while central banks stick with their accommodative policy. The rates have remained fairly stable this week, while the Euro / dollar is also relatively quiet at around 1.18.
Donald Trump refused this week to certify the Iranian nuclear agreement, and imposed sanctions on the guardians of the revolution. This new level of tension benefited oil this week which ended up nearly 4% around $ 51. Also note the good performance of raw materials, such as copper (+ 3.9%) and especially nickel (+ 13.2%) which lead in their stride part of the emerging markets to the rise. BRE (Lyxor - Basic Resources Europe) : rebound of the Mining Sector in Europe - weekly data
At the end of the week, Donald Trump also denounced the Obamacare subsidies which penalized the American hospital sector. XHS (US Health Care Services) under pressure after Trump's decision to end subsidies : weekly data
Risk appetite is important, but sectoral rotations remain in place.