This week continues the hesitation phase but also marks a certain drop in volatility on the leading indices, with Stoxx600NR almost stable (-0.05%) and a slight decline in the S&P500 (-1.2%) and Nasdaq Composite (-1.04%).
However, this is yet another proof of market resilience, while the Trump administration is planning new protectionist actions against China for an estimated $ 60 billion, mostly directed against technology and telecoms companies. Markets seem to consider that a trade war is unlikely and that D. Trump's actions remain more conditioned by domestic politics while the mid-term elections are approaching, which should be interpreted as such by China and Europe calling for moderate counter-measures.
US growth stocks support Markets: IWO (iShares Russel 2000 Growth ETF), weekly data
The blocking of the Broadcom merger with Qualcom is also an action seen as a protectionist-Broadcom is installed in Singapore - and symbolizes the growing fears that the United States will lose the technological battle against China and that Qualcomm, once bought by Broadcom, abandoning its investments in 5G, the future mobile Internet network leaving the way open to Chinese Huawei.
The other topic of the week concerns Russia, which is at the heart of the scandal of the murder of a double agent in Britain by chemical means, which potentially could lead to new sanctions wave and weaken again the organizing country of the football world cup.
Resilient Russia: RUS (Lyxor Russia ETF), weekly data
No major changes seen this week in terms of currencies, with a Euro / USD that remains around 1.23 while long US rates remain around 2.85%. Volatility remains around 15 and the market pause is prolonged, while concerns are focused on US policy.
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This week continues the hesitation phase but also marks a certain drop in volatility on the leading indices, with Stoxx600NR almost stable (-0.05%) and a slight decline in the S&P500 (-1.2%) and Nasdaq Composite (-1.04%).
However, this is yet another proof of market resilience, while the Trump administration is planning new protectionist actions against China for an estimated $ 60 billion, mostly directed against technology and telecoms companies. Markets seem to consider that a trade war is unlikely and that D. Trump's actions remain more conditioned by domestic politics while the mid-term elections are approaching, which should be interpreted as such by China and Europe calling for moderate counter-measures.
US growth stocks support Markets: IWO (iShares Russel 2000 Growth ETF), weekly data
The blocking of the Broadcom merger with Qualcom is also an action seen as a protectionist-Broadcom is installed in Singapore - and symbolizes the growing fears that the United States will lose the technological battle against China and that Qualcomm, once bought by Broadcom, abandoning its investments in 5G, the future mobile Internet network leaving the way open to Chinese Huawei.
The other topic of the week concerns Russia, which is at the heart of the scandal of the murder of a double agent in Britain by chemical means, which potentially could lead to new sanctions wave and weaken again the organizing country of the football world cup.
Resilient Russia: RUS (Lyxor Russia ETF), weekly data
No major changes seen this week in terms of currencies, with a Euro / USD that remains around 1.23 while long US rates remain around 2.85%. Volatility remains around 15 and the market pause is prolonged, while concerns are focused on US policy.