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TrackInsight: Calm markets waiting for the June 18-19 FOMC meeting

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06/18/2019 | 10:15am EDT

Stock indices continued to gain ground around the globe though investors remain cautious ahead of the Federal Reserve meeting scheduled on 18-19 June

Global Flows Map 14.5.19

Week from 10 to 16 June 2019

Stock indices continued to gain ground around the globe though investors remain cautious ahead of the Federal Reserve meeting scheduled on 18-19 June. Optimism is fueled by the prospect of interest rate cuts this year but there is little expectation of a first move next week. Volatility eased again (CBOE VIX index down 6.26%) as the Trump administration stepped back from an immediate imposition of tariffs on Mexico and retail sales data in May showed a pick-up in consumer spending. Furthermore, Beijing decided to ease restrictions on local governments’ borrowing to boost infrastructure investment.

Asian markets took the lead (Shanghai Composite and Nikkei up 1.92% and 1.11% respectively) despite massive and historic street protests in Hong-Kong against a proposed extradition bill that has stoked fears of expanding control from China. Wall Street’s major indices edged up (S&P500: +0.47%, DJIA: +0.41%, Nasdaq: +0.70%) and the same was true for Europe, though to a lesser extent (MSCI EMU: +0.14%, FTSE100: +0.19%).

Most sectors finished the week into positive territory. Consumer discretionary was the best performer (+2.44%) followed by utilities (+1.18% – once again defensive sectors fared well), communication services (+1.12%) and information technology (+1.07%).

Going against the trend, industrials (-0.43%) and energy (-0.51%) lagged the market. In this regard, it is worth noting that oil prices fell to five-month lows (WTI down -2.74% at $52.51 a barrel) despite their end-of-week rebound after suspected attacks on two tankers in the Gulf of Oman. All the evidence suggests that high U.S. crude inventories and a bleak demand outlook are dragging down prices.

The 10-year U.S. Treasuries yield was unchanged at 2.09% like the German Bund at -0.26%. The 3-month U.S. T-bill dipped slightly from 2.28% to 2.20%, its lowest level since September 2018. Emerging debt and high-yield bonds moved up 0.94% and 0.24% (in the U.S.) respectively.

Lastly, gold was still near 14-month highs at around $1,340/oz.

Global aggregated weekly flows 14.5.19
Global Aggregated weekly performance 14.6.19
Global winner loser 14.6.19

Stocks mentioned in the article
ChangeLast1st jan.
CHINA-SHANGHAI COMP 0.40% 2942.19 End-of-day quote.17.79%
DJ INDUSTRIAL -0.08% 27331.28 Delayed Quote.17.28%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
LONDON BRENT OIL 0.30% 66.4 Delayed Quote.23.36%
NASDAQ 100 -0.53% 7922.493135 Delayed Quote.25.49%
NASDAQ COMP. -0.44% 8219.80354 Delayed Quote.24.25%
NIKKEI 225 -0.69% 21535.25 Real-time Quote.8.35%
NY-CBOE S&P 100 VOLATILITY -0.67% 10.32 End-of-day quote.0.00%
S&P 500 -0.29% 3004.64 Delayed Quote.20.22%
WTI -0.02% 59.32 Delayed Quote.33.04%

© www.trackinsight.com 2019
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