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Markets Research
SPOTLIGHT
US 10-year Bond Yield
Indexes Performance
Jun 17
PSI 20 STOXX 50 FTSE 100 NIKKEI 225 S&P 500 DJIA
5.843,71 2.702,69 6.330,49
Jun 18
5.883,12 2.700,93 6.374,21
Jun 19
5.845,89 2.683,98 6.348,82
Jun 20
5.646,66 2.586,45 6.159,51
Wkly Chg %
-5,51% -4,42% -3,05%
4,28%
Fed announced that it will start to reduce bond purchases this year and end the program in 2014, if the US economy continues to improve. This statement sent the markets into a downward trend, with US stocks presenting their worst weekly drop since Apr. The bond market was also deeply affected, with the 10-year yield increasing 40 bps (standing above 2.5% for the first time in 22 months), representing the biggest weekly jump since Mar 2003. Furthermore, the USD appreciated against the other main currencies. On the economic front, existing home sales climbed 4.2% in May, far from markets expectations of a 0.6% change. Also, jobless claims rose more than forecasted to 354,000, while only 340,000 were expected.
Reference Rates
Jun 17
Euribor 1M Euribor 3M Euribor 6M Euribor 12M Eonia 0,120% 0,210% 0,319% 0,501% 0,080%
Jun 18
0,122% 0,210% 0,320% 0,503% 0,073%
Jun 19
0,123% 0,212% 0,323% 0,506% 0,082%
Jun 20
0,125% 0,214% 0,329% 0,516% 0,082%
Jun 21
0,127% 0,216% 0,333% 0,524% 0,082%
Currencies
Jun 17
EUR/USD EUR/JPY EUR/GBP EUR/YUAN 1,336 126,38 0,850 8,184
Concerns over the Chinese economy were ignited, after its PMI fell to a 9-month low of 48.3 in June. Also, Chinese interbank rates hit a record high of 12,06%, on Thursday. In the aftermath of Feds announcement, the Yen weakened against the USD, leading the Nikkei 225 to its first weekly gain in 5 weeks. After several weeks of negative forecasts, a new report states that Australian GDP will grow 4.5% in 2014. Still, this was not enough to encourage investors, as stocks ended with a weekly loss and the AUD hit record lows against the USD.
Jun 18
1,339 128,03 0,857 8,208
Jun 19
1,328 128,28 0,858 8,136
Jun 20
1,323 128,33 0,853 8,109
Jun 21
1,312 128,42 0,851 8,050
Commodities
Gold prices presented its biggest weekly drop in almost 2 years, after the USD strengthened against major currencies. Oil and Cooper prices were deeply affected by Feds decision, as well as by weaker than expected Chinese factory data. Page 1/2
WEEKLY REPORT
Portfolio Management
Markowitz Investment Strategy
Markowitz S&P 500
109% 93% 18-Out 26-Out 06-Nov 15-Nov 26-Nov 05-Dec 14-Dec 25-Dec 03-Jan 14-Jan 23-Jan 01-Feb 12-Feb 21-Feb 04-Mar 13-Mar 22-Mar 02-Apr 11-Apr 22-Apr 01-May 10-May 21-May 06-Jun
113%
29-Nov 10-Dec 19-Dec 28-Dec 08-Jan 17-Jan 28-Jan 06-Feb 15-Feb 26-Feb 07-Mar 18-Mar 27-Mar 05-Apr 16-Apr 25-Apr 06-May 15-May 24-May 04-Jun 13-Jun
IM
-4,0% -2,0% 0,0% 2,0% 4,0% 6,0% 8,0% 10,0%