In September, the U.S. economy saw the creation of 360,000 new jobs, and an extra 119,000 positions were included in the count through revisions. The print surged passed expectations of only 170,000 new jobs, re-igniting the bonds sell-off that has swept global markets over the past two weeks. The U.S. 10-year Treasury yields climbed by […]
In August, the core Personal Consumption Expenditures (PCE) price index, excluding food and energy, saw a modest 0.1% increase, marking the smallest monthly rise since November 2020. Over 12 months, the annual increase for core PCE was 3.9%, down from an upwardly revised 4.3% in July. This PCE index is a favoured economic indicator by […]
The Federal Reserve (Fed) paused its extended campaign against inflation this week, holding its benchmark interest rate steady and giving borrowers a breather after 11 hikes since March 2022. As expected, the Fed left its short-term lending benchmark at a target range of 5.25% to 5.50%, the level set at the previous meeting in July. […]
Market Moves of the Week Crude oil surged above the $90 per barrel mark for the first time since November 2022. Concerns around supply shortfalls heading into the last quarter of 2023 saw the commodity catch a strong bid, at Friday’s close Brent Crude was up 4.16% week-on-week, to close at $94.20 ($/bbl). Rising oil […]
In a shortened holiday week, U.S. stock markets closed with losses primarily due to an upward shift in the interest rate outlook, driven by positive economic signals. Apple, a significant component of the S&P 500, saw a decline, attributed to reports of Chinese government employees discontinuing iPhone usage and concerns regarding the upcoming iPhone 15. […]
Global markets faced a challenging August, characterized by mixed economic data, a persistently hawkish Federal Reserve, rising sovereign bond yields and worries over renewed weakness in the Chinese real estate sector. However this behaviour for markets at this time of the year isn't out of character. History tells us that August has been the second-worst performing month of the year […]
An increase in the number of job seekers caused the U.S. unemployment rate to rise in August, climbing from 3.5% to 3.8%. The collapse of a major trucking company resulted in the loss of 37,000 jobs in that industry, while the Hollywood writers' strike led to 17,000 people losing their jobs, as reported by the […]
The annual Jackson Hole symposium hosted by the Federal Reserve Bank of Kansas City commenced on Thursday. During the event, several Federal Reserve officials indicated that although there might not be an immediate need to increase rates, they are likely to keep rates at a restrictive level for an extended period. Jerome Powell, the Chair […]
Longer-dated U.S. Treasury yields hit a 10-month high this past week as investors focused on the prospects of longer-lasting high-interest rates and a struggling Chinese economy. This week’s broad risk-off follows the publication on Wednesday of minutes from the last Federal Reserve (“Fed”) meeting that suggested officials are considering tighter policy, dampening hopes that the central bank […]
The past week witnessed a varied performance in the major U.S. stock markets. Investors grappled with the implications of subdued inflation data against concerns stemming from the recent uptick in long-term interest rates. Notably, value stocks displayed stronger performance compared to growth stocks. The trading activity remained subdued, partially attributable to the ongoing summer vacation […]
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