Equities continued to drop during the week on mixed corporate earnings sentiment. Markets fared better earlier on strong performances from Meta and Microsoft, even as Alphabet came in under expectations. However, markets turned on Friday following disappointing results from Amazon and Apple. Amazon’s earnings disappointed, while Apple reported supply constraints related to China.
Yields remained relatively unchanged as we head into the U.S. Federal Reserve meeting in early May, where a 50-basis point hike is expected and the central bank’s official balance sheet reduction plan will be announced. The Bank of England will also meet, and is expected to hike rates for a fourth consecutive time.
Oil prices rose on news that the European Union was considering a ban on Russian oil imports being phased in over a few years. Copper prices declined as investors prepared themselves for lower growth and further restrictions in China as Beijing reported COVID cases. Gold declined on a higher U.S. dollar.