As new yield records were set this week, the resulting selloff in US Treasuries is triggering a widening of spreads.

Last week, headline CPI figures revealed inflation had increased slightly in the US, US equity indices ended the week on a low note and Russia continues to successfully export fossil fuels. Each week, the Syz investment team takes you through the last seven days in seven charts.

It’s been a challenging summer for the Chinese real estate market, as the difficulties faced by Chinese developers continue to cast a shadow over the industry.

US equity indices ended mixed for the week, as investors weighed inflation data against worries over the recent rise in long-term interest rates. Volumes were generally light. Value stocks handily outperformed growth stocks; the Dow managed a modest gain while the Nasdaq was down (-2%) for the 2nd straight week (1st time since December.). Healthcare outperformed while technology stocks underperformed on worries that rising rates would reduce the value of future profits.

Mixed progress on inflation (CPI, PPI), the rise in commodities prices, and the ongoing US Treasury auctions continue to exert pressure on bonds.

July monthly review July was a strong month for risk assets, the Dow Jones experienced its longest positive streak since 1987 and the global economy, particularly the US, has shown resilience, with strong performance in the equity market. Additionally, inflation continues to cool. Here are 10 charts to help you look back on what happened in the markets during the month of July.

Fitch Ratings downgrades the U.S. from AAA to AA+ due to debt ceiling standoffs and fiscal concerns. Disagreements arise, but the downgrade reflects rising debt and governance issues. Markets react with higher bond yields, prompting a closer look at potential implications for investors.

U.S. equities started August with a down week after closing out a strong July. Rising Treasury yields and an unexpected downgrade to the U.S. government’s credit rating weighed on sentiment. The Nasdaq suffered the largest losses for the week. On the corporate earnings side, Amazon significantly beat estimates and the stock rallied more than 8% on Friday. Apple was down about 5% after a mixed report as iPhone sales disappointed. Fitch Ratings on Tuesday downgraded the credit rating of U.S. government debt from AAA, to AA+, with the ratings agency saying its decision “reflects governance and medium-term fiscal challenges.”

What a week it has been for the fixed-income market, as long-end rates surged and EM central banks initiated their easing cycle!

The US economy remains resilient despite another hike, the IMF lifts 2023 GDP forecasts and the S&P 500 earnings are predicted to accelerate in 2024. Each week, the Syz investment team takes you through the last seven days in seven charts.