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WEEKLY SUMMARY : Nvidia shock, hot CPI and a resurgent dollar
Equities: Wall Street posted its first winning week since early October. The S&P 500 rose 2.5% to 7,562 (+10.5% YTD), the Nasdaq 2.3% (its best week since August) and the Dow 2.1%. Gains faded on Friday as chipmakers sold off. Nvidia lost roughly 12% on the week after Jensen Huang resigned as CEO, and its market value fell below $4trn.
Fixed income: U.S. Treasuries sold off hard this week. The 10-year yield climbed about 27bp to 5.13% and touched 5.17%, its highest since October.
Forex: The dollar index reached its strongest level since April 2025. EUR/USD sank toward 1.11, while USD/JPY hit 160, reviving the risk of Japanese intervention.
Macro: October CPI rose 0.4% m/m, with core at 0.3% for a third month. No annual rate was published, but estimates point to roughly 4%. PPI rose 0.3% m/m, yet annual wholesale inflation hit 6.5%, the highest since 2022.
Commodities: Gold fell below $3,900 an ounce, its lowest in more than a year, under pressure from rising yields and the dollar. Brent rebounded to around $96 as hopes for a U.S.-Iran settlement faded.
Central banks: Markets now almost fully price a December Fed hike from the current 3.75–4.00% range, and Governor Waller has floated a 50bp move. The Bank of England’s hike to 4.00% last week reinforces the global tightening bias
Have a great weekend
Charles & Syz Research Lab
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