Aviso Weekly Market Pulse: April 11th-15th

Apr 18, 2022

Market Developments

Equities:
Stocks declined for the week on hawkish central bank signals, a shortened week for North American markets due to statutory holiday. The Bank of Canada raised rates by 50 basis points, started quantitative tightening, and indicated the need for more hikes. The European Central Bank confirmed it was looking to end asset purchases sometime in the third quarter, which would open the path to rate hikes. The U.S. consumer price index rose and various U.S. Federal Reserve officials highlighted the need for front-loading interest rate increases and indicated that a 50-bp hike could come.

Fixed income:
Yields rose sharply on the aggressive central bank stances and on U.S. CPI posting another higher reading.

Commodities:
Oil prices rose as Chinese authorities looked to ease restrictions and to bring forward pro-growth policies to stimulate the economy. China had also hinted at further monetary policy support, such as another reserve requirement ratio cut. Over in Europe, oil benefitted on news that the European Union is moving toward phasing in a ban on Russian oil. Gold rose on a higher U.S. inflation print.

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