markets update - wmm group
TRANSCRIPT
![Page 1: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/1.jpg)
MARKETs UPDATE
![Page 2: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/2.jpg)
MS WORLD Local Currency Index
![Page 3: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/3.jpg)
MS WORLD Local Currency Index
Trump's election and his presumed tax reform continue to push equity market higher
![Page 4: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/4.jpg)
S&P 500 Index
Folliwing Trump's election, SPX start a strong rally reaching all-time high
![Page 5: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/5.jpg)
EUROSTOXX 600 Index
EuroStoxx 600 rebounded as well staying well above 200 days moving average
![Page 6: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/6.jpg)
SMI Index
SMI rebounded, breaking the 200 days moving average
DAX Index
![Page 7: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/7.jpg)
DAX Index
![Page 8: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/8.jpg)
FTSEMIB Index
Italian costitutional referendum hasn't passed but equity market focused on the government's bails out for Monte Paschi giving risk appetite to investors
![Page 9: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/9.jpg)
NIKKEI Index
Nikkei rebounded strongly following the other main indicies
![Page 10: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/10.jpg)
MS EMERGING MARKETs Index
Trump's victory put pressure on EM markets, but in a second time investors resume to buy EM equity markets focusing on the commodities rebound
![Page 11: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/11.jpg)
HANG SENG Index
![Page 12: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/12.jpg)
MICEX Index
Good relationship between Trump and Putin helps MICEX's rally
![Page 13: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/13.jpg)
![Page 14: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/14.jpg)
US 10 Yield
Trump's policies skyrocketed yields
![Page 15: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/15.jpg)
EU 10 Yield
QE's extension create a tap for yield's spike
![Page 16: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/16.jpg)
JAPAN 10 Yield
Kuroda's new policy approach pushed 10Y yield near 0% (as targeted).
![Page 17: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/17.jpg)
BARCLAYS US AGGREGATE IG INDEX
Yields' jump worldwide starts to affect IG bond prices.
![Page 18: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/18.jpg)
BARCLAYS EU AGGREGATE IG INDEX
Spike in US (and in general) yields put a bit of pressure to bond market widening spreads
![Page 19: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/19.jpg)
BARCLAYS US AGGREGATE HY INDEX
Risk on evironment helps HY even if monetary yield are jumping
![Page 20: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/20.jpg)
BARCLAYS EU AGGREGATE HY INDEX
ECB policy is always helping HY sector in EZ
![Page 21: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/21.jpg)
SPREAD PERIPHERAL EU COUNTRIES vs BUND
![Page 22: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/22.jpg)
![Page 23: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/23.jpg)
EUR vs USD
A wider differential yield (around 2%) is helping USD
![Page 24: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/24.jpg)
EUR vs CHF
BNS is always saying CHF is overvalued but apparently it seems BNS is less active to support CHF strenght.
![Page 25: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/25.jpg)
JPY vs USD
Monetary policy divergence between BoJ and FED is helping JPY to depreciate in a massive way
![Page 26: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/26.jpg)
DOLLAR Index
Trump's election and last FOMC statement are pushing the Dollar Index above 102
![Page 27: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/27.jpg)
EUR vs GBP
GBP is living some strenght after Brexit sell off.
JPM EM Currency Index
![Page 28: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/28.jpg)
JPM EM Currency Index
![Page 29: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/29.jpg)
EUR vs NOK
NOK has experienced a side range between 8.95 and 9.10 since October
EUR vs AUD
![Page 30: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/30.jpg)
EUR vs AUD
Commodities rebound is helping AUD
![Page 31: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/31.jpg)
EUR vs TRY
![Page 32: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/32.jpg)
EUR vs RUB
Putin huge commitment to find a comprise between OPEC and NON-OPEC countries for a cut oil production is helping RUB to strenghten
![Page 33: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/33.jpg)
USD vs MXN
MXN alway under pression because of Trump's comments
![Page 34: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/34.jpg)
USD vs BRL
![Page 35: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/35.jpg)
OIL
![Page 36: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/36.jpg)
OIL
Comprise between OPEC and NON-OPEC countries for a cut oil production keeps oil price at top
GOLD
![Page 37: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/37.jpg)
GOLD
Rebound in yields pushed Gold under pressure
![Page 38: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/38.jpg)
CRB Index
Trump's election pushed commodities' price higher.
![Page 39: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/39.jpg)
![Page 40: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/40.jpg)
UNMPLOYMENT RATE
US labour market is always in a good shape.
![Page 41: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/41.jpg)
INFLATION
US inflation is picking up.
![Page 42: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/42.jpg)
INFLATION SWAP FWD 5Y/5Y
Except Japan expected inflation is also picking up a bit
![Page 43: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/43.jpg)
MARKIT PMI Index
PMI indicies show a recent improvement for manufacture industry
![Page 44: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/44.jpg)
ISM vs IFO
![Page 45: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/45.jpg)
US CONSUMER CONFIDENCE
Trump "revolution" is helping US consumer confidence
![Page 46: MARKETs UPDATE - WMM Group](https://reader031.vdocuments.mx/reader031/viewer/2022012207/61dea8a5eae9203494541076/html5/thumbnails/46.jpg)
CITI ECONOMIC SURPRISE INDEX
According to the indexes, main macro variables are surprising positevely worldwide.