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16 Jul 2013
Flash: US equities a beacon of strength – Deutsche Bank
FXstreet.com (New York) - Yesterday’s weaker US dataflow and resulting GDP downgrades eased some fears of a near-term Fed tapering, note Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank.
It also helped the S&P500 post its eighth consecutive gain, which is its longest winning streak since January 2013. Indeed both the S&P500 and Dow closed at fresh all-time highs earlier this week – a trend that ended today. Indeed, US equities have had a very robust start to the month of July. As it stands, the S&P500 has experienced only one negative day out of 10 this month, and the one negative day that we did see resulted in a minor loss of -0.05%. Moreover, “The combination of better equity market sentiment and lower US rates helped major credit indices including the European iTraxx (-3bp), Crossover (-14bp) and US IG (-1bp) grind lower as they move steadily towards series tights.” the analysts add.
It also helped the S&P500 post its eighth consecutive gain, which is its longest winning streak since January 2013. Indeed both the S&P500 and Dow closed at fresh all-time highs earlier this week – a trend that ended today. Indeed, US equities have had a very robust start to the month of July. As it stands, the S&P500 has experienced only one negative day out of 10 this month, and the one negative day that we did see resulted in a minor loss of -0.05%. Moreover, “The combination of better equity market sentiment and lower US rates helped major credit indices including the European iTraxx (-3bp), Crossover (-14bp) and US IG (-1bp) grind lower as they move steadily towards series tights.” the analysts add.