The S&P500 ended up loving no |

The S&P500 ended up loving no |
The S&P500 ended up loving no |

The stock indices suffered volatile trading in both directions on the first sharp trading day after returning from the holiday, and eventually drifted downwards, mainly under the pressure of rising bond yields. Those with a ten-year maturity in the USA rose by 15bb to 3.35%. Since the beginning of quantitative tightening by the FED at a double-digit rate, in August it reached almost 100 billion. USD, what to write to the growth or oekvn market are set upwards. The increase in rates was apparently helped by the better than expected PMI data from the US services for August, which showed the best fall in 4 months, overall activity increased, new orders also grew, on the other hand, the data showed a continued decline in inflationary pressure. According to us, the data are positive for stocks, when better economic activity supports insight into the economy of companies, while investment pressures weakened. Oil prices weakened by 3% below 87 USD/barrel for WTI and 93 USD/barrel for Brent, thus erasing the growth after Monday’s slightly surprising OPEC+ announcement of a dream increase in production from January by 100,000. barrel. The impetus for the decline may be, at first, concerns about the lockdowns and the worsening economic situation in Europe, the US, and thus release resources from strategic reserves. However, the development of oil is quite volatile on individual days and at first e.g. regarding the political situation in both Ireland and Libya, they can send the oil quickly again. Today, only the FOMC speeches will be on the agenda, which the market perceives as sensitive, tomorrow is the agenda of Governor Powell’s speech and the ECB meeting, where the market sees the possibility of a key rate hike of 75bb, but this time it does not seem completely certain, due to the tension on energy market, which the banks can decide to reflect and increase by only 50bb. Even an invitation would probably be slightly positive for the market. Stock futures are still slightly weaker today.

Jan Afrnek

esk spoitelna is the bank with the longest tradition on the esk market. It has been one of the cornerstones of the Czech banking system for 200 years. Currently, 4.7 million clients provide services for piblin. Since 2000, it has been part of the international financial group Erste Group Bank.

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The article is in Czech

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