US Treasury page 2

Key events: Eurozone - German GDP (QoQ) (Q4) USA - CB Consumer Confidence (Jan) USA - JOLTs Job Openings (Dec) China - Manufacturing PMI (Jan) The beginning of the week witnessed a cautious tone in European markets, as both the CAC 40 and DAX hovered around last week's record closing highs. Today's economic data is anticipated to reinforce signs of weak economic activity in Europe.

Key events: Eurozone - ECB President Lagarde Speaks Japan - BoJ Interest Rate Decision On Friday, the S&P 500 achieved an unprecedented high as investors continued to gravitate toward prominent tech stocks. This surge was fueled by encouraging data revealing heightened consumer sentiment and a moderation in inflation expectations.

Key events: Australia - Trade Balance (Oct) China - Exports (YoY) (Nov) China - Imports (YoY) (Nov) China - Trade Balance (USD) (Nov) USA - Initial Jobless Claims Canada - BoC Gov Macklem Speaks On Wednesday, the Dow closed in negative territory, extending its sluggish performance for the week, despite growing indications of a slowdown in the job market that fueled hopes for an eventual Federal Reserve rate cut.

Key events:  New Zealand - RBNZ Interest Rate Decision USA - GDP (QoQ) (Q3) USA - FOMC Member Mester Speaks USA - Beige Book On Tuesday, the Dow saw an upward trend, supported by a decline in Treasury yields, fueled by dovish statements from certain Federal Reserve officials, intensifying expectations of imminent rate cuts. The Dow Jones Industrial Average experienced an increase of 83 points, equivalent to 0.2%, while the S&P 500 exhibited a 0.1% rise, and the NASDAQ Composite recorded a 0.3% increase.

Key events:  USA - Core PCE Price Index (MoM) (Sep) USA - Core PCE Price Index (YoY) (Sep) Eurozone - EU Leaders Summit US stocks experienced a significant decline on Thursday, primarily driven by a drop in tech and tech-related large-cap stocks. This downturn was in response to a mix of quarterly earnings reports and indications of economic resilience, which could potentially lead the Federal Reserve to maintain higher interest rates for a longer duration than initially anticipated.

Key events: USA - Average Hourly Earnings (MoM) (Sep) USA - Nonfarm Payrolls (Sep) USA - Unemployment Rate (Sep) US stocks experienced a modest decline on Thursday, rebounding from earlier session lows, as investors awaited the monthly jobs report and sought insights into future interest rate trends. The S&P 500 managed to hold above its 200-day moving average, currently fluctuating around 4,206.

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 Key events: USA - S&P Global Services PMI (Sep)                             US stocks faced a decline, while Treasury yields rose following the Federal Reserve's indication of maintaining higher interest rates, including a potential increase later this year. Interest rate-sensitive mega-cap stocks, notably Amazon.com (NASDAQ: AMZN), Nvidia Corp (NASDAQ: NVDA), Apple Inc (NASDAQ: AAPL), and Alphabet (NASDAQ: GOOGL) Inc, exerted downward pressure on the S&P 500 and Nasdaq, pushing them to their lowest closing levels since June.

Key events: UK - CPI (YoY) (Aug) USA - Crude Oil Inventories USA - FOMC Economic Projections USA - FOMC Statement USA - Fed Interest Rate Decision USA - FOMC Press Conference During Tuesday's evening trading, US stock futures remained in a narrow range, following a negative session for major benchmark averages as bond yields continued to rise in anticipation of the Federal Reserve's imminent interest rate decision.

Key events:   USA - Initial Jobless Claims   USA - Crude Oil Inventories On Wednesday, global stock indices faced a decline, while the benchmark US Treasury yield saw an increase, and the US dollar reached a six-month high. This was prompted by robust US services sector data, which suggested that inflation pressures are persisting.