.png)
WEEKLY SUMMARY: Best week since June for Wall Street
Stocks recorded strong gains, as investors appeared to react to some prominent earnings reports and hints that Fed might moderate its pace of interest rate hikes. The S&P 500 enjoyed its best weekly gain in nearly four months, while the Dow marked its third consecutive week of gains. Energy shares outperformed within the S&P 500, as oil prices proved resilient despite the announcement of a release from the U.S. Strategic Petroleum Reserve. Trading remained active and volatile, due in part to the expiration of USD 2 trillion in options contracts on Friday. The week started off on a strong note, thanks to a reversal in the UK government’s fiscal stimulus plans. Investors are climbing the proverbial “wall of worry” after the previous Friday’s steep decline and a perceived surplus of short positions taken by hedge funds. Better-than-expected quarterly results, guidance, and buybacks from Goldman Sachs also seemed to provide a broad boost to sentiment. The 10-year U.S. Treasury note hit a 14-year high of 4.33% on Friday morning but dovish comments triggered an afternoon rally. Shares in Europe rose on the resignation of UK Prime Minister Liz Truss and the scrapping of her fiscal policies. Japanese equities ended a choppy week of trading lower than they began as global recessionary fears and further currency weakness remained prevalent themes. China’s stock markets recorded a weekly loss after Beijing delayed releasing key economic data without explanation.
Have a great week-end
Disclaimer
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.
Related Articles
US equities gave back a portion of the previous week’s gains, as uncertainty over the incoming administration’s policies appeared to continue driving the so-called Trump Trade. Financials and energy shares continue to benefit from hopes for deregulation and merger approvals. Likewise, the price of Bitcoin had surged by nearly a third since the eve of the election, as investors anticipated looser regulation of digital currencies. Conversely, health care shares fell sharply following news that Robert F. Kennedy, Jr., would be Trump’s nominee to head the Health and Human Services Department (HHS). On the macro side, yoy US headline inflation rose for the 1st time since March, from 2.4% to 2.6%. PPI data came in above expectations.