FINANCIAL MARKETS WEEKLY - Both equities and bonds recorded very modest gains

    • Financial markets weekly

Over the past week, the broadest global equity index MSCI All Country World recorded a very modest gain of 0.3%. We were pleased that US stocks fell (S&P 500 -0.4%), which we are strongly underweighted against our benchmarks, and on the other hand, Central European stocks (CECEEUR index + 3.7%) performed very well, which we are strongly overweighted against the benchmarks. Overall, however, global stock markets as a whole remain overvalued as our global valuation Z-Score is at the level of 2.3, which is still close to the all-time high.

FINANCIAL MARKETS WEEKLY - Both equities and bonds recorded very modest gains

The broadest global bond index, Bloomberg Barclays Global Aggregate Bond, recorded a very modest gain of 0.3%, with the average global bond yield to maturity falling slightly by 0.01 percentage point to 1.15%. In real inflation-adjusted terms, the average global bond yield to maturity remains deeply negative at -2.5%. The performance of corporate bond indices over the past week has also been around zero.

Commodities, on the other hand, lost slightly last week. S&P GSCI global commodity index declined by 1.7%. The price of a barrel of the North Sea Brent fell by 3.3% to $ 66. On the other hand, gold strengthened by 2.1% to the level of $ 1,877 per troy ounce.

Dollar depreciated slightly last week. DXY dollar index, which measures the dollar's performance against a basket of other major currencies, declined by 0.3%. Dollar also depreciated against euro by 0.3% to 1.218 USD/EUR. Koruna strengthened against dollar by 0.7% to the level of 20.88 CZK/USD and strengthened against euro by 0.2% to the level of 25.45 CZK/EUR.

Michal Stupavský
Investment Strategist at Conseq Investment Management, a.s.


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