--- title: The week in seven charts description: Uncorrelated strategies make hedge funds this year’s winning play, equities continue to drop and OPEC+ fights falling oil prices. Each week, the Syz investment team takes you through the last seven days in seven charts. image: https://blog.syzgroup.com/hubfs/iStock-924805688.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### The week in seven charts Uncorrelated strategies make hedge funds this year’s winning play, equities continue to drop and OPEC+ fights falling oil prices. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 10/10/2022** | Reading time: 3min. - ![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png) - - - - --- [**PDF**](https://blog.syzgroup.com/hubfs/Syz-Feature-The%20week%20in%20seven%20charts-10.10.pdf?hsLang=en) --- ### Chart #1 —  Rising bond yields continue to weigh on equity markets For the first time in four weeks, US equity indices posted positive weekly performances, thanks to strong gains on Monday and Tuesday (+5.6% cumulative, the best two-day gain since 2020 and the third best October start since 1930). However, US equities gave up most of their gains by the end of the week, with the S&P 500 falling -2.8% on Friday.  So far this year, the S&P 500 has recorded 52 declines of at least 1%, the most negative volatility in any calendar year since 2008. The end of quantitative easing and soaring bond yields continue to weigh on equity markets.   ###### S&P 500 Index (blue) vs. Inverse US bond yields (yellow) ![Picture1](https://blog.syzgroup.com/hs-fs/hubfs/Picture1.png?width=712&name=Picture1.png) Source: Edward Jones ### Chart #2 —  From « TINA » to « TARA » The old adage - TINA, or "There Is No Alternative" - had generated a buying frenzy in the most speculative segments of the market over the last decade (meme stocks, small & mid caps, crypto-currencies, Miami flats, mountain chalets, etc.), as bonds offered near-zero (or even negative in some markets) returns. Now, the fact that 2-year US Treasuries are offering yields of 4.3% fundamentally changes the game. The market is now more favourable to high yield investments and much less so to assets that have benefited from the QE period (technology, speculative stocks, etc.). Hence the new acronym "TARA" ("There Are Reasonable Alternatives").For the first time in four weeks, US equity indices posted positive weekly performances, thanks to strong gains on Monday and Tuesday (+5.6% cumulative, the best two-day gain since 2020 and the third best October start since 1930). However, US equities gave up most of their gains by the end of the week, with the S&P 500 falling -2.8% on Friday.    ###### From TINA (There Is No Alternatives) to TARA (There Are Reasonable Alternatives) ![Picture2](https://blog.syzgroup.com/hs-fs/hubfs/Picture2.jpg?width=604&name=Picture2.jpg) Source: Jeff Weniger   ### Chart #3 —  Earnings growth expectations for 2023 seem overly optimistic Analysts' estimates for Q3 earnings growth have fallen considerably, ahead of the earnings season (from +10.5% increase five months ago to +2.8% now). On the other hand, estimates for next year remain high (given the macroeconomic challenges ahead) and could therefore be adjusted downwards.   ###### Changes in S&P 500 earnings growth estimates for the third quarter and calendar year 2023   ![Picture3](https://blog.syzgroup.com/hs-fs/hubfs/Picture3.png?width=696&name=Picture3.png) Source: Edward Jones ### Chart #4 —  US rates are expected to rise further Last week was a volatile one for bonds. While bond yields fell at the beginning of the week, the 2-year yield jumped to 4.29% on Friday as the market expected a significant rate hike at the next Fed meeting. The probability of a 75 basis point hike on November 2 has increased to 80%. The resilience of the US labour market has once again dashed hopes of a Fed pivot. The market continues to review the path of policy rates upwards and now expects them to peak at 4.6% next year.   Market expectations for the US terminal rate ![Picture4](https://blog.syzgroup.com/hs-fs/hubfs/Picture4.png?width=880&name=Picture4.png) Source: Edward Jones ### Chart #5 —  A strong week for oil prices WTI crude oil recorded its biggest weekly rise since March on oil supply concerns. OPEC+ decided to cut oil production by 2 million barrels per day. If sustained, the rebound in oil prices could drown out hopes of lower headline inflation by the end of the year, even as inflation in the non-energy sectors continues to rise. OPEC+'s announcement on Wednesday makes US President Joe Biden's plan to use US reserves for 1 million barrels per day increasingly futile but also difficult to sustain as US strategic oil reserves are currently at historically low levels...   Oil prices surge as OPEC cuts production ![Picture5](https://blog.syzgroup.com/hs-fs/hubfs/Picture5.jpg?width=876&name=Picture5.jpg) Source: Bloomberg ### Chart #6 —  The US jobs market’s resilience When good news becomes bad news for the markets... The US economy added 263,000 jobs in September, the lowest number since April 2021. However, this figure is higher than economists had expected. In addition, the unemployment rate fell to a 50-year low of 3.5% from 3.7% the previous month.  Why were these 'good' figures misinterpreted by the markets? Simply because this statistic shows that the economy is not slowing down as much as the Federal Reserve would like. Indeed, non-farm payrolls rose for the sixth consecutive month, the longest streak since 1998... Another statistic published last week seems to show that the US job market is slowing. The number of job offers fell by 10% in August, the largest drop since April 2020 and the fourth decline in the last five months. The gap between the number of vacancies and the number of unemployed remains high by historical standards, but it is starting to narrow. Companies are slowing the pace of hiring, a step that typically precedes job cuts.   US employment statistics (vs. expected and previous month's figures) ![Picture6](https://blog.syzgroup.com/hs-fs/hubfs/Picture6.png?width=820&name=Picture6.png) Source: Bloomberg ### Chart #7 —  The come-back of hedge funds So-called "market uncorrelated" hedge fund strategies (CTA, Macro, Multi-strategy) are performing remarkably well in 2022 - see below their performance at the end of September. Are hedge funds coming back in force?    Year-to-date performance of various hedge fund strategies (as of 30 September 2022) ![Picture7](https://blog.syzgroup.com/hs-fs/hubfs/Picture7.png?width=710&name=Picture7.png) Source:  Aurum   #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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