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Global Investment MattersExamining Equity Markets

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This weekThe World Cup Effect On Investingby Gary Moglione

If the S&P 500 declines over the next month you can be confident that the subconscious actions of billions of heartbroken football fans will be partly to blame.

Market SnapshotsNovember 22 2022

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  • Global equities fell 0.5% last week

  • The International Monetary Fund warned a trade rift with China could cost the world $1.4 Trillion

  • Brent crude fell 8.7% over the week to $87.6 a barrel

  • Gold fell 1.2% to $1750.7 per ounce
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Key Global Market Developments

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  • US equities fell 0.6% last week. Consumer staples and utilities outperformed, while oil, gas and banks underperformed
  • October Core Retail Sales were 1.3% (vs 0.4% expected)
  • Initial Jobless claims was 222k (vs 225k expected)
  • Observing Thanksgiving, Thursday is a public holiday in the US
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  • UK equities rose 1.1% last week
  • UK October CPI 11.1% (vs 10.7% expected)
  • Jeremy Hunt unveiled a fiscal package to seek to save £55bn, with a 60/40 mix of spending cuts and tax rises at the delayed Autumn budget
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  • European equities fell 0.2% last week. Utilities and banks outperformed while construction and retail underperformed
  • October Consumer Price Index (CPI) was 10.6% (vs 10.7% expected)
  • The United Nations COP27 Convention ended with the European Union breaking deadlock by proposing a loss and damage finance facility for the most vulnerable nations in exchange for a pledge to phase down oil, gas and coal
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  • Global emerging market equities rose 0.8% over the week
  • Chinese equities rose 4.2% over the week, despite October industrial production of 5% (vs 5.2% expected)
  • Hong Kong Chief Executive John Lee tested positive for Covid-19, and Beijing saw three virus deaths — China’s first in six months — as cases spiked, which caused the price of oil to decline. Goldman also lowered Brent crude forecast by $10 for Q4
  • Japanese equities fell 0.5% over the week due to Q3 GDP of -0.3% (vs estimate of +0.3%). CPI excluding fresh food climbed by 3.6% in October, beating consensus by a small margin and marking the highest since 1982
  • Labour Thanksgiving Day is on Wednesday, an annual public holiday in Japan

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