Charles-Henry Monchau

Chief Investment Officer



WEEKLY SUMMARY: Fresh new all-time highs for the S&P 500

US stocks recorded modest gains over the shortened trading week (markets were closed on Wednesday), with the S&P 500 hitting 5,500 intraday for the 1st time ever. The week also saw modest signs of rotation in the market, with value stocks outperforming growth as Nvidia suffered its first down-week in two months. Friday was a so-called triple-witching day, with roughly USD 5.5 trillion in options related to indexes, stocks and ETFs expiring. The start of the week brought some evidence of US economy easing with retail sales signalling less discretionary spending. But data released later in the week suggested that the economy was stronger than indicated by retail sales. Industrial production expanded 0.9% in May, well above expectations and the fastest pace in nearly a year. On Friday, S&P Global composite index rose to 54.6 in June, its best level in over two years. In this context, US Treasuries were volatile but were still able to absorb heavy issuance during the week. In Europe, the STOXX Europe 600 Index ended 0.79% higher, rebounding despite worries about political uncertainty and while private sector business activity unexpectedly slowed in June as services lost momentum and manufacturing contracted more sharply than expected. The Bank of England (BoE) kept rates unchanged, while inflation slowed to target. The Swiss National Bank cut rates again while Norges Bank held rates steady. Crude Oil rallied up to its highest since April, Gold ended the week in the red while Bitcoin fell to $64,000. 

Have a great week-end

Charles for the team



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