Aviso Weekly Market Monitor: January 23rd – January 27th

Jan 30, 2023

Market developments

Equities:
The US market was resilient this week after disappointing 2023 outlooks from several large companies were overshadowed by speculation of smaller Fed hikes as inflation continues to cool. We saw strong gains from Tesla and Microsoft while big names like Apple, Amazon and Meta are scheduled to report next week. The 2.5% climb in the S&P 500 led it to its 3rd positive week this year, while the Nasdaq is up four weeks in a row to start 2023 and up over 4% this week alone.

Fixed income:
There was little movement in US treasuries this week with the 10yr closing slightly above 3.5% and the 2yr ~4.2%, as inflation data came in relatively inline on Friday and all eyes are now on the FOMC meeting next week, where a 25bps rate increase is expected. Canadian yield closed slightly higher this week, with the 10yr at ~2.9% following the BoC’s expected 25bps interest rate increase.

Commodities:
Oil closed down over -2% this week, falling below $80 a barrel as uncertainty over the outlook for the market rose ahead of the OPEC committee meeting next week and the European Union’s ban on Russia oil products. Oil prices did initially climb on Friday on the prospects of China’s reopening and the possibility the U.S economy’s potential for a soft-landing drove prices to $82.50, before eventually rolling over to $79.42 to end the day.

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