Market developments
Equities: Global equities ended the week on a positive note. AI-related optimism continued to underpin large-cap growth stocks, though valuations remain elevated. Overall, the equity backdrop remains constructive, with accommodative monetary policy and strong earnings momentum offsetting geopolitical uncertainty and slowing global growth signals.
Fixed Income: Bond markets rallied as dovish signals from the U.S. Federal Reserve boosted expectations for rate cuts, driving Treasury yields lower across the curve. Global issuance remained high but net supply was muted, supporting investment-grade valuations. Duration regained momentum and investors favoured high-quality credit and select emerging-market bonds as monetary easing gathered pace.
Commodities: Precious metals extended gains, with gold climbing above $4,20/oz and silver up more than 10%, supported by falling real yields and safe-haven flows. Oil and copper followed suit as they were up 2.2 and 3.5% respectively.