Global Markets Update
U.S. MARKETS
- US markets were stronger in the month, with the Dow Jones up +6.7% and S&P500 up +9.1%.
- Long-dated U.S. treasury yields declined with the 2-and-10-Yr yield curve inverting, with 2-Yr yield at 2.89% and 10-Yr yield at 2.65%.
EUROPEAN MARKETS
- European markets were higher with the Stoxx Europe 600 Index up +7.6%, UK FTSE up +3.5% and German DAX up +5.5%.
ASIAN MARKETS
- Asian markets were mostly higher over the month, with the Nikkei up +5.3%, KOSPI up +5.1%, and the Shanghai Composite down -4.3%.
COMMODITIES
- Over the month, WTI oil price declined -4.4%, as negative sentiment due to potential erosion in fuel demand amid rising fears of recession was partially offset by OPEC’s forecast for global oil demand to expand by 2.7 million barrels a day in 2023, bolstered by growth in emerging economies, leading to global oil demand growth exceeding the increase in supplies by 1 millions barrels a day. Iron ore prices declined -8.0% and spot gold declined -4.4%.
- The ASX200 gained +5.7%.
