Charles-Henry Monchau

Chief Investment Officer



WEEKLY SUMMARY: Gold & the dollar surged, stocks & crypto purged 

The major US equity benchmarks retreated for the week amid heightened fears of conflict in the Middle East and some signs of persistent inflation pressures that pushed long-term Treasury yields higher. Large-caps held up better than small-caps, with the Russell 2000 Index suffering its biggest daily decline in almost two months on Wednesday. Growth stocks fared better than value shares. Wednesday morning’s release of the US CPI data, which came in higher than expected, weighed on investors’ sentiment. Overall inflation rose 3.5% yoy, its biggest gain since September. The “supercore” inflation (services prices excl. energy and housing costs) jumped 4.8% yoy, substantially higher than expectations and its biggest increase in 10 months. Thursday’s release of PPI data seemed to help calm inflation fears and help equity markets recoup a portion of their losses. But stocks pulled back sharply to end the week in the wake of reports that Iran was preparing to directly attack facilities on Israeli soil for the first time. On the week, US Treasury yields were higher, led by the short-end/belly of the curve. The dollar roared higher this week (its biggest weekly gain since Sept 2022) to its highest since Nov 2023. Gold surged to $2430 – a new all-time high – before pulling back on Friday afternoon. The STOXX Europe 600 Index ended 0.26% lower as the ECB left its key deposit rate but hinted at a rate cut in June. The Nikkei 225 gained 1.4% as the yen tumbled to fresh lows. Cryptos tumbled on Friday, erasing all weekly gains. 



This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.

Read More

Straight from the Desk

Syz the moment

Live feeds, charts, breaking stories, all day long.

Thinking out loud

Sign up for our weekly email highlighting the most popular posts.

Follow us

Thinking out loud

Investing with intelligence

Our latest research, commentary and market outlooks