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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
Key Global Market Developments
- 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
- 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
- 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
- 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
