Market overview:
Indexes
Even though the S&P 500 increased 10% in Q1, the US markets have not been able to end the week on a positive note. Starting the week at 5204.82 and reaching highs of 5210.07, the S&P 500 closed the week with a fall of 1.56%. Worries due to inflation and geopolitical uncertainties weighed on markets and as a result the Dow industrials fell 1.2% on Friday. The Nasdaq composite reached the highs of 16462.21 on Friday but ended the week with a fall of 0.45%. The Fed’s aim to cut rates is getting more complicated as rents are still rising and boosting inflation in the US. Due to the investigation on Morgan Stanley’s wealth management division, their stocks faced a significant drop of 5.3% on Thursday, making it their worst fall since October. Interest rates are also affecting the big names of Wall Street as JPMorgan shares closed the week with a 6.5% fall. In the UK, the FTSE 100 Index started the week at 7911.16, and it almost reached the 8000’s but closed the week at 7995.58 with a 1.07% increase. Many countries could not end the week on a positive note as: Shanghai Composite saw a drop of 1.62%, Germany’s DAX dropped 1.49% and South Korea’s KOSPI fell 1.19%
Cryptocurrency
This week Bitcoin overcame the $70000 level and reached $72695 on Monday, however, ended the week with a fall of 7.01%. The picture was no different for most of the crypto market and ended the week in the red. Ethereum USD dropped 10.1%, Dogecoin 17.28%, Bitcoin Cash 30.61%, Solana 21.91%. However, with Iran’s attack on Israel, cryptocurrencies are expected to jump.
Bonds & Exchange rates
The US Dollar went for its best week in 18 months. The ICE US Dollar Index was up 0.7% on Friday. EUR/USD saw the highs of 1.088 but ended the week with a fall of 1.83%. GBP/USD reached 1.2704 however ended the week with a drop of 1.42%. AUD/USD also reached 0.6641 but on Friday the drop was 1.57%.
Commodities
US crude oil which was trading at $71 at the beginning of the year now ended the week at $85.45 per barrel with a fall of 1.68% this week. Heating oil and natural gas also ended the week with price increases. This week gold spot prices reached record high levels due to uncertainties in the Middle East and Ukraine that boosted gold’s safety and on Friday were around $2360 per ounce. Europe has improved its gas storage level and is expecting 100% storage by the beginning of next winter season. Therefore, the constantly increasing prices throughout the year is expected to decline.
Flow Traders Investment Competition
The Flow Traders Investment Competition has got a new leader once again! In a week where the S&P 500 lost over 1.5% and also other indices performed poorly, Heij Fidelity took advantage and acquired the first place in the competition. Furthermore, Concordia International has had a great week, outperforming all indices by a mile by getting a 4.68% in only one week. However, Phoenix will be less happy with their results of last week, dropping 13 positions in the ranking to the 38th spot...
