Global Markets Weekly
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Charles-Henry Monchau Chief Investment officer

The main US equity benchmarks moved to record highs as optimism about #earnings season overcame worries about the potential risks if centralbanks tighten monetarypolicy as economic growth loses momentum. The VIX Index fell to its lowest level since the beginning of the pandemic. Sell-side analysts are expecting overall Q3 earnings for the S&P 500 to have risen 33% YoY, down from +89% in Q2 but still the 3rd fastest growth rate since 2010. Hopes for additional US fiscal stimulus also boosted sentiment. Meanwhile, US bond yields hit five-month highs with the 10-year US Treasury yield briefly trading around 1.69%. In Europe, stocks and core eurozone bond yields also climbed. In china, stocks advanced after officials sought to calm fears about the property sector and Evergrande Group made a delayed coupon payments. Cryptos had a volatile week around the launch of the first US-based Bitcoin ETF. Commodities were mixed with copper falling while silver soared.