Stocks suffered their worst week in six months as an avalanche of geopolitical and macro-economic headlines crossed paths with an ugly technical situation. The S&P 500, Nasdaq and Russell 2000 indices all fell by over 3%, while the Dow Jones shed 2.37%, erasing most of its year-to-date gains. Ongoing uncertainty around trade policy remained a focal point throughout the week. Macro data shows manufacturing growth slowing while services activity is accelerating. The U.S. economy added 151,000 jobs in February, slightly below expectations but ahead of January’s reading of 125,000. In Europe, the STOXX Europe 600 Index ended 0.69% lower, snapping 10 weeks of gains.

Flash note

Flash note

The fixed-income landscape is shifting as U.S. Treasury yields drop, the UST-Bund spread collapses, and EM credit markets navigate widening spreads and political risks—setting the stage for a crucial month of central bank decisions.

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Most U.S. stock indexes declined for the 2nd consecutive week, although the Dow finished 0.95% higher, adding to its year-to-date outperformance versus the other major indexes. Growth stocks significantly underperformed, and the Nasdaq recorded its worst weekly drop since early September as shares of NVIDIA fell 8.5% on Thursday following the chipmaker’s highly anticipated earnings report. Tariff fears also continued to be a drag on equities as President Trump reiterated plans to impose new levies on several trade partners by March 4. On the macro side, the US core personal consumption expenditures (PCE) price index rose by 0.3% in January, in line with expectations.

Gold has been trading near record highs, consolidating for the past few weeks around USD 2900.

Flash note

Flash note

Global fixed income markets remained volatile as Treasuries yields hit 2025 lows, ECB rate cut expectations waver, and China's bond yields spike, hinting at a potential economic rebound.