The major U.S. equity indexes ended the week lower with the communication services sector pulling back the most. Shares of Netflix tumbled more than 35% during the week, as the streaming company reported disappointing quarterly results, including a sequential decline in its global subscribers. Only the consumer staples sector ended in positive territory. Fed policymakers' hawkish tone weighed on investors’ sentiment. James Bullard, president of the St. Louis Fed, indicated that a rate increase of as much as 75 basis points has been discussed. At an IMF event, Fed Chair Jerome Powell said a 50-basis-point rate increase could be “on the table” for the May 3‒4 policy meeting and stated that “it is appropriate…to be moving a little more quickly.” Meaningful increases in short- and intermediate-term U.S. Treasury rates resulted in a flatter yield curve. Shares in Europe fell amid ongoing concerns about the war in Ukraine and increased hawkishness among central bank policymakers. The STOXX Europe 600 Index ended 1.4% lower. Ahead of the French Presidential elections second round, the German chancellor and the prime ministers of Spain and Portugal urged a vote in favor of Macron in a joint article in the Le Monde newspaper. In Asia, the yen was hovering around a two-decade low against the U.S. dollar. Chinese markets slide as investors worried about the economic fallout from covid lockdowns after officials said tough restrictions would remain in place.
WEEKLY SUMMARY: BONDS & STOCKS BLOODBATH
This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.