Market Perspectives
U.S. equities finished a volatile week modestly higher as encouraging inflation data and renewed optimism around artificial intelligence offset rising oil prices and persistent uncertainty over the Strait of Hormuz. The S&P 500 gained 0.36% in its third consecutive week of gains and the Nasdaq Composite added 0.14%, while the Dow Jones Industrial Average slipped 0.56%. July CPI matched expectations at 3.4% year on year while PPI was flat, pushing the probability of a September hike down to roughly 34% from 55% a week earlier. Across the Atlantic, the STOXX Europe 600 fell 0.36% as resilient economic data and solid earnings were offset by continued uncertainty surrounding the U.S.-Iran conflict. Germany's DAX gained 0.46%, while France's CAC 40 fell 0.90%, Italy's FTSE MIB lost 0.25% and the UK's FTSE 100 declined 1.39%. Asian markets were equally divided,…
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BONDS & MACROECONOMICS
Government bond yields rose on both sides of the Atlantic despite softer U.S. inflation data. The Treasury's ten-year note auction cleared at its highest yield since 2007 and the thirty-year at 5.216%, the highest since 2001, on a 2.39 bid-to-cover. French yields reached their highest since 2009 and German Bunds since 2011.
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