Menu de saison: Profits for the few, pressure for the rest

Ipek Ozkardeskaya ipekScope

Oil and yields remain the main drivers of global markets - and that will change next week with earnings.

But yesterday, both pushed higher initially yesterday, weighing on major US and European indices, although US Treasury yields later retreated following a strong 30-year bond auction. The Stoxx 600 tested its 200-DMA, with an increasing likelihood of extending losses below this level, while US tech-heavy indices couldn’t hold up this time, as reports that OpenAI’s annualised revenue run rate was lower than previously indicated hit AI-related stocks. The Philadelphia Semiconductor Index fell more than 3%, while the Nasdaq 100 retreated from the record highs reached earlier this week.

Oil is lower and equities look better bid this Friday. With a relatively light calendar, aside from US consumer sentiment and Canadian employment data, investors may spend the last trading day of the week without a major change of direction.

Read the full article here.

Author

Ipek Ozkardeskaya

ipekScope

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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