Episodes
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In his speech on Tuesday, the Fed chair managed to appease bond markets while helping US indices reach new records, ahead of the July 4 holiday.
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Politics are at still at the forefront in the US and Europe, along with monetary policy, of course, since the signs that the US economy is cooling have multiplied in the past few weeks and Fed chairman Jerome Powell is due to speak today.
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Episodes manquant?
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The market is unpredictable. Yesterday I wrote about a trend that was emerging, with investors seemingly turning away from tech and moving towards defensive stocks. Well, the rest of Tuesday’s session saw a complete reversal of this trend: technology bounced back, while more traditional stocks lagged. Investors don't really know which way to turn, given the contradictory signals sent out by central banks and economic data.
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The tech rout that started at the end of last week continues, with Nvidia being the main target. The stock has retreated by 16% since last Thursday's record high, which wiped $430 billion off its market value in the process.
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The week is up to a quiet start on Wall Street as traders await key inflation data set for release later in the week. The Personal Income and Outlays Report, including the personal consumption expenditure (PCE) core price index for May, is scheduled for Friday.
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Wall Street futures were in the red this morning after Wall Street decided it had enough of tech stocks. Thursday saw a decline in Nvidia's shares, which also dropped 1.5% today in premarket trading, affecting other chipmakers like Broadcom and Qualcomm.
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The global markets are experiencing a mix of gains and cautious optimism, thanks to their usual savior: tech stocks. Wall Street reopens today after the Juneteenth bank holiday, with futures pointing to a positive start. Several central banks released their decision on monetary policy.
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Wall Street's tech stocks have once again reached new heights this week, particularly those focused on artificial intelligence. The Nasdaq is close to 20% gains for the year, surpassing the S&P 500 by more than 4%.
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Global markets are mixed to start the week, as investors await key economic data and central bank meetings. Political uncertainties in Europe, particularly in France, continue to weigh on market sentiment.
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Investors are still assessing Wednesday’s hawkish comments from the Fed as well as the many signals that the US economy is cooling. After reaching new highs yesterday, Wall Street indices retreated in premarket trading on Friday.
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The Fed and its chairman Jerome Powell reclaimed the narrative yesterday, as it revised downwards its projections for the pace of rate cuts this year. Powell said that we should only expect one more rate cut this year, probably in December.
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A big day ahead for the financial markets, with the Fed’s decision on key rates. Will they come down sooner than expected? The answer will come this afternoon. This morning, investors cheered better-than-expected inflation readings.
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While Wall Street changes its forecast on key interest rates again and again, Europe sees a rise in the far-right protest vote in parliament. The week will be marked by two central bank meetings, including the eagerly-awaited US Fed meeting.
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Investors were eagerly awaiting one of their favorite data, that has the power to take markets to new records, or get them to recede. I’m talking about the monthly US employment figures - known as the NFP report.
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The ECB has cut rates for the first time since 2019, from 4% to 3.75%. This is the first rate cut among the world's largest economic blocs and investors are happy, although they want to know more about the bank’s future monetary policy.
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It's often said that bad economic news is good news for equity markets, but that didn't work out so well yesterday. Bad news remained bad news. But perhaps the equity markets are also confused by being bombarded with contradictory data.
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The last week of the month of May 2024 has been a bearish one: for equities, for gold and for oil. The last week of May saw a number of assets fall, with the notable exception of bonds, which worked in reverse (their yields fell, so they rose).
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