Aviso Weekly Market Pulse: May 1st – May 5th

May 8, 2023

Market developments

Equities:
After a four-day loss, the US equity market rebounded on Friday following the release of April job data that showed the economy added more jobs than expected and unemployment rate fell back to a multi-decade low. Despite Friday’s gains the S&P 500 has started May with a decline as investors worry about rising recession risks and the regional banking crisis.

Fixed income:
The behavior of the bond market has been volatile in recent days. The Fed delivered an expected 25bp rate hike this week, but also altered its forward guidance, leading to a higher close for Treasuries. However, concerns in the banking sector resulted in traders ramping up expectations of Fed rate cuts later this year.

Commodities:
Despite also rising on Friday, the energy market, specifically the oil market, has experienced a continued decline over the past few weeks due to concerns over softening demand and global growth slowing. Saudi Arabia’s decision to cut its official selling price of crude for Asian customers has further exacerbated the decline.

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