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Equities wrapped up the week with modest gains, marking the S&P 500’s third consecutive weekly rise, driven by optimism about a potential end to the Federal Reserve’s rate-hiking campaign amid favourable economic data. Small-caps and cyclical sectors led the rally, fuelled by a surprising slowdown in inflation as reflected in CPI and PPI reports. Bond yields, inflation trajectory, and the Fed’s stance remain key factors guiding market sentiment, with the 10-year Treasury note yield falling to a two-month low. Retail and energy sectors were among the day’s strongest performers, with Gap’s strong quarterly results contributing to a 30% surge in its share price. European shares also closed higher, with the Stoxx 50 index up 0.9% on Friday, boosted by financials and healthcare, and ending the week 2.9% higher on optimism for aggressive central bank interest rate cuts in 2024 amid slowing global growth.
Summary for 20.11.2023
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