Aviso Weekly Market Monitor: September 4th – September 8th

Sep 11, 2023

Market developments

Equities:
This week concerns surrounding economic slowdowns in China and the euro area, alongside rising oil prices caused equities to slide. Notably, technology stocks, such as Apple and Nvidia, played significant roles in market movements, especially with China’s plan to expand an iPhone ban. Concurrently, speculations intensified that the Federal Reserve might maintain higher interest rates due to strong service-sector activity data and the impact of high oil prices on inflation.

Fixed income:
Over the week, Treasury yields experienced dynamic shifts influenced by multiple factors. The initial surge in yields was driven by the reinvigoration of the corporate new-issue market post-Labor Day and a rise in crude oil prices. Despite this, subsequent sessions saw a slight retraction, influenced by corporate borrowing activities and oil price fluctuations. Mid-week observations highlighted a mixed performance in Treasuries, with notable strength at the front-end, while later in the week, variations in yields across different tenors emerged.

Commodities:
Crude oil prices experienced significant fluctuations, primarily influenced by decisions made by OPEC+ leaders, Saudi Arabia and Russia. The duo decided to extend their supply curbs through the end of the year, which prompted oil prices to surge, with Brent crude surpassing $90 a barrel for the first time since November of last year. The persistent supply cuts aim to deplete inventories further and have been reinforced just as global crude consumption is estimated to be at an all-time high.

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