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US equities retreated for a second day from year-highs, driven by concerns about the labour market and debates on potential rate cuts. Moody’s cut the outlook for Chinese bonds, highlighting concerns about the country’s debt. Long-term Treasury yields declined, and oil prices fell due to scepticism about OPEC+ supply cuts. There was a shift from tech giants to small-caps and value investments. The S&P 500 and Dow Jones eased by 0.1% and 0.2%, respectively, while the Nasdaq managed to a gain of 0.3%. Mixed market action suggested ongoing digestion of November gains, with energy shares lagging, while technology and consumer discretionary sectors remained resilient. Signs of rotations and adjustments in the US market were evident. In the Euro area, the Stoxx 50 closed up 0.8%, reaching fresh 4-month highs, with gains in real estate, auto, travel and tech sectors, while mining and financial shares experienced declines.
Summary for 06.12.2023
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