Aviso Weekly Market Pulse: June 10th – June 14th

Jun 17, 2024

Market developments

Equities:
France’s CAC 40 index was down around 2.6% on Friday, on pace for its largest weekly drop since March 2022, weighing on the broader Stoxx 50 index. The sell-off in French stocks is driven by concerns over the upcoming snap election, where polls indicate strong support for a populist far-right party advocating anti-EU policies and increased spending. The S&P 500 and Nasdaq continued their strength on the back of better than expected inflation reports and were up ~1.6% and ~3.2% for the week.

Fixed income:
U.S. Treasury yields moved to fresh weekly lows, with the 10-year yield around 4.2%, as better than expected CPI and PPI reports improved sentiment around rate cuts in the U.S., French and Italian bond spreads widened aggressively versus German Bunds due to political uncertainty in Europe.

Commodities:
Oil prices have risen nearly 8% since touching a four-month low of $73.25 on June 4. The rebound was driven by expectations of higher summer demand amid the U.S. driving season and OPEC+’s decision to extend 2.2 million barrels per day of voluntary supply cuts through September.

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