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Weekly market review

Week ending 1 July 2016


Equities

Global equities rallied on the week, rebounding from a post-Brexit sell-off Monday to recover much or even all of the prior week’s losses in several major indices. The EuroStoxx600 and the FTSE 100 finished the week up 3.2% and 9.9%, respectively, in an apparent turnaround of investor confidence. In the US, the S&P 500 ended the week up 3.3%, finishing the quarter with a 0.3% gain.

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Fixed income

Bonds rallied globally following the UK’s referendum to leave the European Union (EU). US 10-year yields fell to record lows, but eventually settled at 1.46%, while the UK 10-year yield fell to 0.86% as investors reassessed their positioning in risk assets. The Japanese 10-year yield tumbled to a record low of -0.26%, and the 20-year may hit zero in the next few months.

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Currencies

The British pound consolidated after a historic decline last week as investors are still uncertain of the terms on which the UK will leave the EU. The US dollar index modestly rose 0.2% following a massive rally last week. The Japanese Yen weakened, but continues to be near year-to-date highs.



Commodities

West Texas Intermediate crude oil posted its biggest quarterly rise in seven years as investors continue to speculate that global surplus is easing. US crude stockpiles dropped to lowest since March and output fell a third week according to the Energy Information Administration. Gold advanced 1.4%, nearing a two-year high, reflecting views that central banks will remain accommodative in the wake of the UK referendum.

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Source: Goldman Sachs Asset Management. Adapted by FundCalibre. This material is for information purposes only and does not in any way constitute financial advice.