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The Long and Short of it, week ending 12 Jan 2024 (IT)

Tipo di pubblicazione: Market Commentaries
The Long and Short of it, week ending 12 Jan 2024 (IT)

All 3 major stock indexes moved higher last week but with a pronounced tilt in favour of the Nasdaq Composite Index. Stock prices moved markedly higher Monday, apparently rebounding off the previous week’s sharp decline and perhaps as a result of positioning in front of Thursday’s CPI release. Stock prices mainly moved higher over Tuesday and Wednesday, again on no real news and seemingly as positioning in front of Thursday’s CPI release. Thursday’s higher-than-expected CPI release, initially moving stock prices lower, ended up having little effect with all 3 major indexes finishing the day practically unchanged. Friday’s lower-than-expected PPI release helped support stock prices but a selection of weaker-than-expected earnings reports capped gains, pressuring stock prices lower. For the week, the S&P 500 Index rose 1.8% to 4,783.83, the Nasdaq Composite Index gained 3.1% to 14,972.76, the Dow Jones Industrial Average increased 0.3% to 37,593.24, the 10-year U.S. Treasury rate dropped 10bps to 3.95% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) was basically unchanged.

European stock markets were mixed with the STOXX 600 Index finishing the week practically unchanged and with the FTSE 100 Index falling just under 1%. The STOXX 600 Index, unchanged through Wednesday on weakish economic data from Germany and Italy versus more robust economic data out of the ECB and France, fell almost 1% Thursday following a higher-than-expected U.S. CPI release. Those losses, however, were reversed Friday after a lower-than-expected U.S. PPI release (PPI actually declined MoM) and after ECB President Lagarde commented the worst of inflation had been seen. The FTSE 100 Index, lower through Wednesday on a weak Sainsbury earnings report, lower insurance stock prices (due to an announced government investigation on premium finance products) and falling energy and mining stock levels, declined another 1% Thursday on a higher-than-expected U.S. CPI release. Some those losses were recouped Friday after a better-than-expected U.S. PPI release as well as on rising energy and precious metal mining stock prices (due to increased tensions in the Red Sea and Middle East). For the week the FTSE 100 Index lost 0.8% closing at 7,624.93, the STOXX 600 index increased 0.1% to 476.76, the 10-year Gilt rate rose 1bp to 3.80%, the 10-year Bund rate was unchanged at 2.14% and the British pound and euro strengthened 0.1% and 0.3%, respectively, versus the U.S. dollar.

Top performing ETPs over the week

. 3x Long ETPs 3x Short ETPs
UK 3x BAE Systems (3LBA) +9.3% 3x Short Barclays (3SBC) +21.0%
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The Long and Short of it, week ending 12 Jan 2024