Aviso Weekly Market Monitor: December 11th – December 15th

Dec 18, 2023

Market developments

Equities:
The Nasdaq 100 hit an all-time high, fueled by Jerome Powell’s signaling that the Fed is nearing the end of its aggressive hiking campaign. Tech giants like Microsoft, Amazon, and Nvidia led the advance, as uncertainties impacted other market sectors. U.S. stock benchmarks, including the S&P 500, have seen a remarkable 10% rally in less than two months. Analysts anticipate a digestion phase, especially if Fed officials temper the market’s enthusiasm.

Fixed income:
While the Fed adopts a more dovish stance, European Central Bank (ECB) members, including Governing Council member Madis Muller and ECB President Christine Lagarde, express a hawkish position. The divergence raises questions, with analysts noting a contrast between the resilient U.S. economy and faltering European economies. Regardless of the differing tones between the central banks around the world, we saw a sharp decline in yields throughout developed markets, highlighted by the U.S. 10yr yield falling below 4%.

Commodities:
Oil prices experienced pressure on Friday after a Federal Reserve official walked back dovish comments made earlier in the week by Fed Chair Jerome Powell. The clarification contributed to early declines in oil prices, with the U.S. and global benchmark crude managing to finish the week with a gain, the first in eight weeks.

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