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Equity markets rallied on Monday, with major US indices closing higher by over 1% after falling sharply last week. The S&P 500 outperformed the technology-heavy Nasdaq. This comes even as Treasury yields inched higher, with the US 10-year Treasury yield up by 0.05% to around 4.9%. However, oil prices and the dollar both moved lower. This decline adds support for the consumer at the gas pump, helps ease inflationary pressures, and provides some relief for equity markets broadly. Markets now brace for a heavy week of earnings and economic news, featuring a Fed meeting in the middle of the week and culminating in a potentially consequential labour market report on Friday. Meantime, European equities eased from session highs but closed with gains on Monday, bouncing slightly from the year-to-date lows from the prior session as bond yields eased and investors assessed a batch of economic data for insights on the ECB’s policy path.
Summary for 31.10.2023
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