2023-12-11 06:40:04
What a weekly scenario and what a weekend with a ‘happy ending’ worthy of the most enchanting fairy tales. The US indices all find themselves -simultaneously- at their annual zeniths, five sessions of the ‘4 witches’ on December 15th.
The end-of-year ‘balance sheet dressing’ seems actively underway, the bullish rally that began on October 27 will be among the most ‘productive’ of the 21st century, and it is above all the first which sees the US indices return to previous records long term at six months, then at two year intervals.
The S&P500 (+0.41%) improved its annual record by two points to 4,609 (a ‘highest’ since March 2022) and its closing record by 15 points to 4,604 (i.e. +0.1% weekly): l he index completes its sixth consecutive week of increase without having ever lost more than 0.8% since October 27.
The Nasdaq Composite (+0.45%) recorded its best annual close at 14,404, the annual zenith of 14,445 on July 17 having been equaled: the annual performance reached its maximum with +37.5%.
But everything is not absolutely perfect because all the planets do not end up aligned – as was the case the previous five weeks -: the day ends with a sharp rise in rates after the publication of the highly anticipated monthly employment report in the United States published by the Department of Labor.
The consensus of +150,000 non-agricultural job creations is well exceeded with almost +200,000, and the unemployment rate, expected to rise to 4%, actually fell sharply by -0.2 points to 3.7%.
This statistic, which is well above expectations, will complicate the task of the Federal Reserve in recalibrating its monetary policy: the speech it will give on December 13 after the FOMC meeting could prove more ‘hawkish’ than Wall Street hoped. . This results in a clear tension on the bond with a US ’10-year’ showing +13 basis points at 4.255%.
American light crude (WTI) recovers 2.2% to $71.25, but this is not enough to pull the oil sector out of a downward spiral with heavy weekly losses as for Halliburton -7.5% or Diamondback -3 .6%.
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