Most of the major equity indices recorded gains this week, with the S&P 500 Index recovering a portion of the previous week’s losses. Energy stocks outperformed as naturalgas prices reached record highs in Europe and major oil exporters decided not to increase production more than previously agreed, sending crude oil prices to a 7-year high. Worries over the debt ceiling were alleviated late in the week, at least temporarily. However, debt limit headlines continued to cause distortions in the Treasury bill market. Shares in Europe ended higher despite significant volatility. Financials outperformed. On Friday, US 10-year yields top 1.6% for the 1st time since June after a “stagflationary” US jobs report. Non-farm-payrolls number came out at +194k, way below expectations (+500k) but there are signs of tightness in the labor market (wages up +0.6% MoM vs +0.4% expected). Cryptos surged as bitcoin topped 56k for the 1st time since May.
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