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Weekly market review

Week ending 2 December 2016


Equities

The UK experienced another week of volatility as the upcoming Italian referendum gave investors jitters, and stocks ended the week down. Investors' fears over the referendum also contributed to a 1% fall over the week in the Euro Stoxx 600 index. The US stock market slipped off its post-election rally, ending the week slightly down.

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Fixed income

Bonds in Europe and the US sold off as OPEC’s (Organisation of Petroleum Exporting Countries – the intergovernmental organization of oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries) agreement to cut oil production spurred prospects of higher inflation. UK 10-year gilts fell to 1.38% as the market awaited the results of the European Central Bank’s December 8 meeting.

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Currencies

The US Dollar index had a volatile week before edging down to 100.66 despite a variety of positive economic surprises. Markets appear to be struggling to predict whether inflation or interest rate hikes will come out on top amid strong economic data. The pound hit a 3-week high against the US dollar after mention that the UK might seek to retain access to the European single market.



Commodities

OPEC agreed to its first oil cut in 8 years, sending crude oil prices up 12%. OPEC plans to cut output by 1.2 million barrels per day from October levels, starting January. The focus now shifts to implementation.

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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.