Charles-Henry Monchau

Chief Investment Officer



WEEKLY SUMMARY: US equities end mostly lower in light trading

The major US equities indices were mostly lower over a holiday-shortened week that was characterized by light and choppy trading. Several important economic releases weighed on sentiment. On Monday, the ISM gauge of March factory activity fell back to a nearly three-year low. The ISM’s services sector gauge, released two days later, indicated that the services sector was still expanding, but at a significantly slower-than-expected pace. The Labor Department reported on Tuesday that job openings declined much more than expected in February, falling to levels (9.9 million) last seen in May 2021. ADP private sector jobs survey, released Wednesday, indicated that the job market continued to expand in March, but at a slower pace. In a letter to shareholders, JPMorgan Chairman and CEO Jamie Dimon warned that “the [banking] crisis is not yet over” and that “there will be repercussions from it for years to come.” The weak economic data pushed U.S. Treasury yields lower. Shares in Europe rose by nearly 1% as fears of a banking crisis abated while ECB’s Lagarde, de Guindos, Lane hint at more rate hikes. Japanese stocks declined nearly 2% over the week, as investors continue to digest the potential impact of export restrictions on certain types of semiconductor manufacturing equipment. Chinese stocks advanced roughly 1% as a recovery in services activity and the property sector bolstered investor sentiment. Oil and Gold soared while cryptocurrencies were volatile. 


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