Charles-Henry Monchau

Chief Investment Officer



WEEKLY SUMMARY: The worst month for S&P & Nasdaq since Dec 2022

Higher oil prices, higher yield and the increasing likelihood of a U.S. government shutdown continue to weigh on investors’ sentiment. The yield on the 10-year U.S. Treasury note peaked above 4.6% on Wednesday. However, yields ticked modestly lower after the release of encouraging eurozone and U.S. inflation data. The S&P 500 Index suffered a fourth consecutive weekly pullback. Within the index, utilities lost the most ground. Energy stocks, on the other hand, outperformed. On the macro side, the core personal consumption expenditures (PCE) index increased 3.9% from year-ago levels—the lowest annual inflation rate in about two years but above the central bank’s 2% target. This represents a moderation from the upwardly revised 4.3% annual inflation rate logged in July. August durable goods orders surprised to upside. Durable goods orders and shipments increased month over month in August. Headline orders increased 0.2%, paced by strength in machinery. Consensus expectations had called for a decline. In Europe, the STOXX Europe 600 Index ended 0.7% lower amid concerns about a prolonged period of higher interest rates and a weak Chinese economy. Germany’s 10-year government bond yield rose to nearly 3%—a level unseen in more than a decade—before backing off this high on Friday as Eurozone inflation drops to its lowest level in two years. Japan’s Nikkei 225 is down 1.7% over the week while the Yen weakened to 11-month low, stoking speculation that authorities could intervene.


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