A week of resilience for the equity markets, with the S&P500 down slightly (-0.5%) and Nasdaq100 falling by only -1.2% over the period despite the upward push on long-term rates and doubts about trade negotiations between the US and China while in Europe the Stoxx600NR rose + 0.7%, thanks to the oil sector and also the strong US dollar at 1.17.
Gold hurt by strong USD (ETF iShares IAU), weekly data
The week was punctuated mainly by the upward pressure on 10-year US long-term rates which reached the 3.1% level without this time provoking a rise in volatility and markets correction. Markets seem to anticipate an increase in rates to the 3.5% level by the end of the year, ie a limited residual potential.
The dollar has once again strengthened to 1.17 against 'Euro' because of the rise in long-term interest rates but also the worries of a new Italian debt crisis.
The new anti-system and anti-European Italian government wants to cancel the pension reforms and free itself from the budget constraints of Brussels. Italian long rates returned to a 3-year high at 2.25%. However, the new coalition looks weak and the Italian president has powers to oppose measures that would endanger public finances. New elections are likely in the coming months.
Italian index under pressure (ETF Lyxor MIB), weekly data
Trade talks between China and the US do not seem to be delivering tangible results yet, while D.Trump's protectionist measures should be in place in the next few days, which could bring back volatility to markets in the next few days.
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A week of resilience for the equity markets, with the S&P500 down slightly (-0.5%) and Nasdaq100 falling by only -1.2% over the period despite the upward push on long-term rates and doubts about trade negotiations between the US and China while in Europe the Stoxx600NR rose + 0.7%, thanks to the oil sector and also the strong US dollar at 1.17.
Gold hurt by strong USD (ETF iShares IAU), weekly data
The week was punctuated mainly by the upward pressure on 10-year US long-term rates which reached the 3.1% level without this time provoking a rise in volatility and markets correction. Markets seem to anticipate an increase in rates to the 3.5% level by the end of the year, ie a limited residual potential.
The dollar has once again strengthened to 1.17 against 'Euro' because of the rise in long-term interest rates but also the worries of a new Italian debt crisis.
The new anti-system and anti-European Italian government wants to cancel the pension reforms and free itself from the budget constraints of Brussels. Italian long rates returned to a 3-year high at 2.25%. However, the new coalition looks weak and the Italian president has powers to oppose measures that would endanger public finances. New elections are likely in the coming months.
Italian index under pressure (ETF Lyxor MIB), weekly data
Trade talks between China and the US do not seem to be delivering tangible results yet, while D.Trump's protectionist measures should be in place in the next few days, which could bring back volatility to markets in the next few days.