Markets in 5 Charts – Week Ending 10/07/22

Weekly Headlines:

OPEC+ cuts oil production by 2mm barrels. UK reverses course on planned tax cuts. Deal to take Twitter private back on the table. Binance hit by $547mm hack. In US economic releases, ISM Manufacturing PMI comes in below forecasts. Job openings drop below consensus as well. However, chances of FED pivot unlikely as unemployment falls to 3.5%.

Upcoming Data Releases:

We started off the week with 2 days of sharp equity and bond markets, but Friday employment data drives Nasdaq down 3.9%.

Both consumer staples and utilities are losing positioning as current sell off changes defensive paradigm.

Dollar strength resumes, though some EM economies holding up well in this hard asset cycle.

Energy prices recover back to end of summer levels.

Yields are all higher inversion remains.

Leave a Comment