Aviso Weekly Market Pulse: November 14th – November 18th

Nov 21, 2022

Market developments

Equities:
The lower-than-expected PPI data drove the S&P 500 above 4000, before James Bullard’s comments pushed rates higher and the U.S market lower. The S&P 500 ended the week down less than 1% and didn’t have more than 1% +/- move any day this week as volatility took a breather despite Fed comments and the turmoil in the crypto market.

Fixed income:
We saw some volatility in rates following the better-than-expected CPI release last week. On Tuesday, the PPI data came in lower-than-expected driving 10yr US rates below 3.7% before Fed of St-Louis President, James Bullard, urged policy makers to raise rates further, stating the level will need to be higher and drove rates back above 3.8% to finish the week.

Commodities:
Crude oil fell to a six-week low on Friday as the over 24,000 COVID cases in China raise concerns over their demand. Commodity markets remain under pressure as China’s zero-Covid restrictions have supressed economic growth. Some looser quarantine rules could suggest that end is in sight, however the country’s economy remains weak, pressuring the demand for oil.

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