– Another down week for global equities and fixed income and an up week for Commodities.
– Sharp bounce from Energy stocks. In three short weeks, Energy has gone from being the worst-performing sector YTD to the middle of the pack.
– China continues to struggle – down 3.7% – continuing to weigh on Emerging market indices.
– The US Dollar was up sharply. The dollar bottomed when the NASDAQ peaked in July and has climbed in lockstep with the weakness of Tech stocks ever since.
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– Global equities closed the week more than 2% lower. Higher oil prices drove Commodity indices higher.
– Energy was the only advancing sector. Tech stocks and Utilities were off by more than 4% for the week.
– Stock market decline was broad globally, dragging down 38 of 44 countries.
– Fitch downgrade of US Credit rating sent Treasury yields to their highest levels of 2023 and within 10 basis points of the Oct 2022 peak.
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Market Risk Index scales from 0 to 100%. Higher readings correspond with higher risk markets. Scores below 25% are bullish. Scores between 25-75% are neutral, and scores above 75% are markets vulnerable to major drawdowns.
Model Category Readings (Percentiles)
