This week marks the end of the hesitation phase and the return to strength of the correction which results in a sharp decline in the S & P500 (-6%) and the Nasdaq Composite (-6.5%) which no longer plays its role of driver due to the scandal affecting Facebook in the use of user data and the blocking of Broadcom-Qualcomm operation by the US administration.
Note the outperformance in the decline of European equity markets with a Stoxx600NR that loses "only" -3.1% while Europe will finally be spared by D.Trump in the taxes on steel and aluminum. The week confirmed that it was essentially China that was targeted by the protectionist measures that were confirmed for $ 60 billion. China's response is currently moderate and is at a more symbolic level of $ 3bn. However, the cycle of actions / retaliation has started between the two largest economies, which is causing concern for the markets.
Bearish turnaround of European banks (ETF Lyxor BNK) : weekly data
The other surprise of the week is the appointment of J. Bolton, an advocate of pre-emptive wars, who seems to be definitely burying the chances of reaching an agreement with the Iranians and greatly increasing the likelihood of a conflict in the Middle East between Israel and Iran.
Despite worries about global growth related to the rise of protectionism, WTI prices return to 2-year highs at $ 66.
Surge in WTI Oil prices (ETF Powershares DBO) : weekly data
The volatility is back but remains contained at around 25, which corresponds to a classic corrective phase. However, the black clouds that accumulate on the horizon with the return of international tensions are likely to make this correction deeper or even threaten the underlying trend in case of confirmation of the scenarios envisaged.
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This week marks the end of the hesitation phase and the return to strength of the correction which results in a sharp decline in the S & P500 (-6%) and the Nasdaq Composite (-6.5%) which no longer plays its role of driver due to the scandal affecting Facebook in the use of user data and the blocking of Broadcom-Qualcomm operation by the US administration.
Note the outperformance in the decline of European equity markets with a Stoxx600NR that loses "only" -3.1% while Europe will finally be spared by D.Trump in the taxes on steel and aluminum. The week confirmed that it was essentially China that was targeted by the protectionist measures that were confirmed for $ 60 billion. China's response is currently moderate and is at a more symbolic level of $ 3bn. However, the cycle of actions / retaliation has started between the two largest economies, which is causing concern for the markets.
Bearish turnaround of European banks (ETF Lyxor BNK) : weekly data
The other surprise of the week is the appointment of J. Bolton, an advocate of pre-emptive wars, who seems to be definitely burying the chances of reaching an agreement with the Iranians and greatly increasing the likelihood of a conflict in the Middle East between Israel and Iran.
Despite worries about global growth related to the rise of protectionism, WTI prices return to 2-year highs at $ 66.
Surge in WTI Oil prices (ETF Powershares DBO) : weekly data
The volatility is back but remains contained at around 25, which corresponds to a classic corrective phase. However, the black clouds that accumulate on the horizon with the return of international tensions are likely to make this correction deeper or even threaten the underlying trend in case of confirmation of the scenarios envisaged.