Market Perspectives
U.S. equities finished higher for a second consecutive week as easing geopolitical tensions and falling oil prices supported risk appetite. The Nasdaq Composite led the major indexes with a gain of 2.43%, while the S&P 500 and the Dow Jones Industrial Average advanced 0.93% and 0.71%, respectively. The catalyst was the signing of a memorandum of understanding between the U.S. and Iran, a development that strengthened expectations for the reopening of the Strait of Hormuz and helped push crude prices lower. Across the Atlantic, European equities also benefited from the improving geopolitical backdrop. The pan-European STOXX Europe 600 rose 0.38%, led by Italy's FTSE MIB at 2.62%, Germany's DAX at 1.42% and France's CAC 40 at 0.84%, while the UK's FTSE 100 bucked the trend and declined 1.04%. In Asia, Japan's Nikkei 225 surged 7.92%, while Hong Kong's Hang Seng Index fell 3.21%. Looking ahead, attention turns to the May U.S.…
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BONDS & MACROECONOMICS
Treasury yields moved higher across much of the curve, with the two-year yield reaching its highest level in more than a year following the Federal Reserve's latest meeting and the hawkish tone adopted by new Fed Chair Kevin Warsh.
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