Aviso Weekly Market Monitor: February 20th – February 24th

Feb 27, 2023

Market developments

Equities:
The U.S. market ended the week lower, given the positive growth surprises in the American economy. In line with more robust growth, on Friday, the Core PCE was also higher than consensus making the S&P 500 go down 1.05%.

Fixed income:
The U.S.10yr rate finished the week at a year-to-date high of 3.98%, driving the Canadian and European rates to the upside. Due to the better-than-expected growth indicators in Q1, investors sharply repriced the future hikes from the Fed, now seeing a peak reference rate of 5.40% in September FOMC.

Commodities:
After a significant drop of -4.3% the previous week, oil closed the week almost unchanged with a $76.59 per barrel. Despite the 0.33% increase, the increase in oil demand is not as significant as expected, increasing U.S. inventory levels.

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