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

Nov 27, 2023

Market developments

Equities:
Global equity market saw mixed reactions in a week marked by a 1% rise in the S&P 500. Nvidia Corp’s stock faced a downturn following news of a delayed AI chip launch, highlighting the market’s sensitivity to tech sector movements. Investor sentiment was also influenced by contrasting views from financial analysts, with some predicting cautious near-term outlooks due to inflation and growth concerns, while others anticipated bullish trends, forecasting significant gains for the S&P 500 by the end of 2024. This mixed sentiment underscored the ongoing market uncertainty and divergent expectations regarding future economic and monetary policies.

Fixed income:
During the week, the U.S. Treasury market experienced notable shifts primarily driven by economic data. Yields were impacted by jobless claims and consumer sentiment indicators, which suggested persistent inflationary pressures. This led to a bear flattening of the yield curve, with shorter and mid-term yields rising more sharply than longer-term yields.

Commodities:
In the commodities market, the focus was on the oil sector, influenced by OPEC+ dynamics. Brent crude futures fluctuated, settling around $75 a barrel towards the end of the week. The Organization of Petroleum Exporting Countries and its partners are trying to resolve a disagreement over output quotas, specifically regarding targets set for Angola and Nigeria for 2024.

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