European natural gas remains at very elevated levels despite Gazprom, the Russian state backed supplier, resuming supply after ten days planned maintenance to the Nord Stream 1 pipeline. Copper increased by 1.8%, to $7,304 a tonne.
Crude oil also rose, with Brent crude rising by 1.3%, currently trading at $102 a barrel. Gold traded up 1.0%, now priced at $1,740 an ounce. European natural gas prices remain at elevated levels despite Russia turning the gas supply back onĬommodity prices were somewhat more stable, following the sharp losses in recent weeks.
10-year US Treasuries fell to a yield of 2.81%, with German bunds falling to 1.04% and UK gilts 1.93%. The German and French PMI data for the manufacturing sector came in below 50, indicating contraction, as companies reported weaker than expected sales, leading to a sharp rise in unsold stock. Government bond yields, which move inversely to price, fell over the week, reinforced by weak data from the PMIs, which are compiled from company surveys on activity levels. Government bonds rally as the outlook for manufacturing companies in Europe weakens Emerging markets, enjoying the softening in the dollar, rallied by 3.0%. Japanese equities rose by 3.4%, with the Australian market up 2.8%.
European stocks rose by 3.1%, whilst the UK stock market increased by 2.5%, although the more domestically focused mid cap stocks which have borne most of the selling pressure this year, were up 6.1% versus 1.9% for more internationally exposed large cap stocks. The US dollar also took a breather from its relentless strengthening, in part helped by the European Central Bank (ECB) raising rates by half a percent, the first rate rise since 2011, closing the chapter on eight years of negative interest rates.Īs of 12pm on Friday, London time, US equities rallied by 3.5%, with the US technology sector climbing 5.3%.
#RISE OF NATIONS GOLD PATCH 1.04 UPDATE#
Weekly Market Update Monday 25th July 2022 Equity markets rise as a weakening economic outlook dampens inflation expectationsĮquity markets rose this week on the back of company results that were not as bad as feared, most notably the US media streaming giant Netflix, whilst further evidence of a weakening business environment, through the purchasing managers indices (PMI), helped to alleviate fears as to the extent of interest rate tightening.
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