In early August we declared that ‘Fixed Income is Dead, Long Live FX’. Over the past month, this view has become almost passé. There has been plenty of global media on the topic (here, for example). Meanwhile, the Fed’s embrace of AIT (along with extended forward guidance) mostly seals the…
US equity indexes fell this week: DJIA -1.7%, S&P 500 -2.5%, and NASDAQ -4.1%. Tuesday, September 8 was a risk-off day with the S&P 500 down nearly 2.8%. How did bonds do as a hedge? Better than last week (September 3 also was a notable risk-off day for S&P). See chart –…
US equity indexes fell this week: DJIA -1.8%, S&P 500 -2.3%, and NASDAQ -3.3%. On Friday, August US payrolls came in at 1.37 million, approximately on expectations. It was noted that “In August, an increase in government employment largely reflected temporary hiring for the 2020 Census.” The unemployment rate fell…
US equity indexes were stronger: DJIA rose 2.6% to erase its losses from 2020, S&P 500 and NASDAQ both rose over +3.0%. Main market moving events came late in the week — see below. Due to the pandemic, the Jackson Hole Symposium was held virtually this year and was open…
US equity indexes were mixed on the week: DJIA roughly unchanged, S&P 500 +0.7%, NASDAQ +2.7%. Though it was relatively quiet, there were some notable happenings — S&P 500 edged past its pre-pandemic record high to a new one, $AAPL became the first US public company to surpass $2 trillion…
US equity indexes were higher on the week: DJIA +1.8%, S&P 500 +0.64%, failing to close at a record high, and NASDAQ lagged, basically flat for the week. The week started with news that Russia was ready to roll out the first COVID-19 vaccine, “Sputnik-V” despite warnings by global heath…
In 2019, fixed income was king. Many macro funds turned to rates RV and duration trading, and many went as far as shutting down currency risk taking. This trend was also prevalent within pension funds. They focused on equity and credit beta, and the hedging benefit offered by duration, while…
US equity indexes were higher on the week: DJIA +3.8%, S&P 500 and NASDAQ were both up +2.5%. Friday summed up the themes impacting the market this week when rising US-China tensions and continued uncertainty about the new US coronavirus stimulus package outweighed optimism from the decent July US jobs…
