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  • Renewed coronavirus worries and escalating rhetoric from the United States about tariffs on European goods dampened the stock market mood somewhat this past week. Meanwhile purchasing managers’ indices and other indicators showed improvements. The MSCI All Country World Index, measured in US dollars, fell by 1.5%.    

  • Stock market movements were small this past week, with hopes of more stimulus measures and reopening after lockdowns slightly offsetting worries about new COVID-19 outbreaks and geopolitical tensions in parts of Asia. Globally, we saw an upturn of around 1% in share prices.   Macroeconomic data published during the week provide support for rising investor confidence. Purchasing managers’ indices in the euro area are approaching pre-pandemic levels. In the United States, retail sales rose nearly twice as fast month-on-month as market observers had predicted: by 17.7% in May. 

  • Stock markets fell last week, due to investor worries about a second wave of coronavirus outbreaks, a US Federal Reserve policy meeting that caused disappointment and downward revisions in economic forecasts. We view this as a correction during an upward trend rather than as the beginning of a lengthy decline.

  • We have seen a continued stock market rally this past week, driven by powerful stimulus measures and better than expected macroeconomic data, especially in the American labour market. The S&P 500, a broad US equity index, took a breather yesterday, but is back at around its year-end 2019 levels and is only about 5% below its February peak. The more tech-heavy Nasdaq index is at all-time highs and it looks as if the positive market trend may persist.