Kamala Harris boosted by The Magnificent 7, global gold reserves surpass the euro as central banks' second most held asset, and de-euroisation vs. de-dollarisation. Each week, the Syz investment team takes you through the last seven days in seven charts.

With the U.S. term premium turning positive amidst rising bond market volatility, fixed-income markets are facing growing caution as central banks ease, credit markets stabilize, and investor attention pivots towards the U.S. elections, which could shape future fiscal policy.

The S&P 500 Index finished lower after posting gains in each of the six previous weeks as rising Treasury yields weigh on U.S. stocks. Large-cap stocks held up better than small-caps, and growth stocks outperformed value as the Nasdaq Composite Index gained slightly. Tesla was the best performer in the S&P 500 and led the Magnificent Seven, helping to keep the broad index from a steeper decline. The EV car maker posted better than expected quarterly earnings while Elon Musk projected strong sales growth in 2025. The stock recorded its best daily gain (22%) in more than 11 years on Thursday. Meanwhile, Apple dumped as Wall Street analysts downgraded their views on the stock. In Fixed Income, the 10-year U.S. Treasury yield climbed about 10 bps on Monday to 4.20% and stayed around that level for the rest of the week.

Flash note

With synchronized global monetary easing in full effect and U.S. elections just weeks away, bond markets face rising volatility and potential shifts, with inflation risks and fiscal policies likely to play a pivotal role in shaping the near-term outlook.

Nvidia's market capitalisation possibly overtaking the Nikkei index, investors back the Magnificent 7, and global easing accelerates. Each week, the Syz investment team takes you through the last seven days in seven charts.

US equities recorded another week of gains. Banks were big winners this week while Energy stocks pulled back in sympathy with oil prices, which retreated as fears of possible Israeli attacks on Iran’s oil and gas infrastructure subsided. The small-cap Russell 2000 Index and the S&P MidCap 400 Index outperformed large-caps.  After lagging for much of the week, the Nasdaq Composite rallied during Friday’s trading session. Strong quarterly results from Taiwan Semiconductor Manufacturing boosted AI-related stocks. The Nasdaq also received a lift from Netflix, which grew its subscriber numbers and expanded its operating margins by more than expected in the third quarter. On the Macro side, US retail sales and weekly jobless claims surprised positively while industrial production dropped 0.3% in September after increasing 0.3% in the preceding month.

Flash note

Rising geopolitical tensions and inflation concerns pushed U.S. 10-year Treasury yields to 4.1%, as market expectations shifted towards a higher U.S. terminal rate, reflecting increased uncertainty.

The S&P 500 is set to deliver its best performance of the 21st century, even as September inflation in the U.S. jumps unexpectedly. Meanwhile, debit interest rates soar past 23%, adding pressure to consumers. Each week, the Syz investment team takes you through the last seven days in seven charts.