Fast food for thought

Insights and research on global events shaping the markets

Last week, US debt rose by $275 billion to an unprecedented $33.44 trillion, its cost could soon represent around 20% of tax revenues and US banks are under pressure. Each week, the Syz investment team takes you through the last seven days in seven charts.

Q3 2023 in the rear view After a strong first half of the year, the mood has shifted during the Summer as markets are adjusting to the reality of “persisting inflation & sticky rates”, a narrative which is adding pressure on equities and valuations. What has also changed in recent weeks has been some sense that the bill for the US fiscal profligacy is coming due, pushing long-dated bond yields to record highs. Here are 10 stories to remember from an eventful Q3 2023.

US 10-year yields are at their highest since 2017, not a single analyst sees the US 10-year rising above 5% over the next 6 months and rising bond yields weigh on equity markets. Each week, the Syz investment team takes you through the last seven days in seven charts.

The Fed pauses rate hikes but fails to calm markets; S&P 500 down 2.9%, US bond yields rise. Each week, the Syz investment team takes you through the last seven days in seven charts.

The oil supply shortage is set to worsen in Q4, European key rates are at their highest since the ECB was founded in 1999 and the US 12-month inflation continues to remain high in many segments of the economy. Each week, the Syz investment team takes you through the last seven days in seven charts.

Mexican imports surpass Chinese ones in the US, marking a significant trade shift. Oil prices continue to rise, markets anticipate that the Fed will take a break in September amid a long period of US equity outperformance. Each week, the Syz investment team takes you through the last seven days in seven charts.

US macroeconomic data disappointed, leading to an upward revision in the US interest rate outlook, while concerns over a potential property and financial crisis in China weakened foreign demand for US Treasury bonds. Simultaneously, US equity and bond markets experienced a correction, with energy stocks gaining but banking stocks being sold off. Here are 10 charts to help you look back on what happened in the markets during the month of August.

The Jackson Hole symposium offered no real new Fed policy insights, AI's ascent propels Nvidia's results and the BRICs welcome 6 new members next January. Each week, the Syz investment team takes you through the last seven days in seven charts.

The property sector crisis exacerbates China's economic woes, the equity and bond markets remain under pressure and the Russian rouble approaches its lowest level for 17 months versus the US dollar. Each week, the Syz investment team takes you through the last seven days in seven charts.

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.

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