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AHR Weekly Market Update - Monday 28th August
Manage episode 375565381 series 2891086
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On this week’s AHR Market review..
During the past week, remarks made by Jerome Powell, chair of the Federal Reserve, added to speculation surrounding the trajectory of interest rates, prompting investors to analyse potential outcomes.
At this year's Jackson Hole symposium, Chair Powell addressed the speculation that the Federal Reserve might tolerate or raise its inflation target, a notion proposed by some academics and market participants.
The Federal Reserve is prepared to further increase interest rates if necessary, aiming to maintain higher borrowing costs until inflation shows sustained progress towards the central bank's target.
Economic indicators revealed a deceleration in U.S. economic activity during the week.
In corporate earnings news, Nvidia, an American chipmaker, reported remarkable revenue of $13.5 billion in the second quarter of 2023, doubling its earnings from the corresponding period of the previous year.
U.S. equities concluded the week with a 0.8% increase, with the technology sector driving a 2.3% gain, largely attributed to Nvidia's strong earnings report. In Europe, stocks climbed 0.66%, aided by a drop in European natural gas prices and increasing expectations of a potential peak in interest rates.
After reaching its highest intraday level since late 2007 on Tuesday, the yield on the 10-year U.S. Treasury note retraced to end the week with relatively little change at 4.24%. Eurozone bond yields decreased, with 10-year German sovereign yields finishing lower.
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