Equity markets ended the week on a strongly positive note. With earnings season gaining momentum, Refinitiv reports that 75% of the 106 S&P 500 Index constituents that reported earnings this week beat analyst expectations.
Volatility in yields continued during the week, with the European Central Bank first declaring a 50-bp hike and then the US Services and Composite Purchasing Managers’ Indices coming in at contractionary levels on Friday.
The price of oil dropped for the fourth week in a row, as recessionary narratives continue to gain traction. Mining firms are starting to project lower copper production, causing the price of copper to rally.