Finance AM

A lukewarm US jobs report helped push bond yields lower. The closure of a gas pipeline to Europe helped the USD recover and hurt equities, the S&P500 closing down 1.1%.

Solid US manufacturing data helped boost the US dollar – already supported by deteriorating risk sentiment and higher interest rates - to a 20-year high. Bond yields also rose, while the S&P500 is down 0.3%.

US equities extended the week’s decline further, the S&P500 down 0.8%. Bond yields remained elevated, while risk-sensitive currencies tested recent lows. There was little fresh news of note.

Solid US data updates on consumer sentiment and job openings raised Fed tightening expectations further. Bond yields rose, equities fell (S&P500 down 1.1%), and risk-sensitive currencies underperformed.

The effects of Fed Chair Powell’s hawkish speech on Friday lingered. The S&P500 is down 0.7% and bond yields are higher. The AUD and NZD firmed slightly though.

Fed Chair Powell’s hawkish speech boosted the US dollar and hurt equity sentiment, the S&P500 closing down 3.3%. Bond yields were volatile, with short maturities ending slightly higher.

Bond yields fell on the eve of the major central bank gathering at Jackson Hole. The US dollar fell slightly, and the S&P500 rose 1.4%.

Bond yields continued to rise ahead of tomorrow’s central bank gathering at Jackson Hole. Currencies were little changed, though, and the S&P500 is up 0.4%.

Disappointing US activity data hurt the US dollar and weighed on bond yields. The S&P500 is down 0.2%.

Negative sentiment towards equities intensified with fears of hawkish Fed signals later this week. The S&P500 is down 2.1%, and bond yields and the US dollar are higher.

Sentiment in the US equity market was negative (S&P500 -1.3%), and that spilled over to currencies. Bond yields rose ahead of this week’s important gathering of central bankers at Jackson Hole.

The US dollar rose, helped by hawkish Fed comments, but bond yields fell slightly and equities rose slightly (S&P500 +0.2%).

Sentiment weakened slightly amid a mix of strong UK inflation, solid US retail sales data, and geopolitical news. The Fed minutes were a calming influence later in the session. The S&P500 is down 0.7%, and bond yields and the US dollar are higher.

Solid US industrial production data helped bond yields rise, while currencies and equities were little changed.

The combination of yesterday’s weak Chinese data and surprise rate cut, plus weak US data overnight, weighed on global bond yields. The defensive US dollar rose, while equities appeared to remain hopeful the Fed would slow down, the SP500 up 0.4%.

US equities continued to rise on expectations that inflation may have peaked and Fed tightening may slow, the S&P500 closing up 1.7% - a three-month high. Bond yields were mixed – short maturities rising slightly and long maturities falling slightly. Currencies were also mixed, the US dollar slightly higher overall.

US equities were contained, the S&P500 unchanged on the day. Currencies were also contained, the USD only slightly lower. Longer maturity bonds yields rose, though, perhaps speculating on the inflationary consequences of a Fed slowdown.

Eagerly awaited US inflation data was not as strong as feared, boosting equities (S&P500 +2.1%) and depressing bond yield and the US dollar. The AUD and NZD outperformed.

US interest rates rose slightly further after strong wage inflation data, and equities fell (S&P500 -0.4%). Currencies were mostly contained.

Markets pared the positive USD and bond yield reactions to Friday’s strong jobs data. The S&P500 is down 0.1% on the day.

US jobs data was much stronger than expected, and bond yields and the US dollar rose in response. Equities initially fell, but mostly recovered to see the S&P500 close down 0.2%.

Equities stalled as company earnings disappointed, the S&P500 down 0.1%. Bond yields fell slightly, weighing on the US dollar. The BoE hiked by 50bp but the GBP fell in response.

Solid US economic data and company earnings helped lift equities, the S&P500 up 1.6%. Bond yields and risk-sensitive currencies rose slightly.

Currency markets were defensive amid news of US officials visiting Taiwan, and the S&P500 is down 0.2%. Bond rose, though, after hawkish Fed comments.

A slightly risk-averse tone permeated most asset classes, Fed tightening and recession concerns the recurring themes. The S&P500 is down 0.6%, and longer bond yields are lower, but the defensive USD is also lower.