29 May 2017

Bassanese Bites: While Trump’s Away.. – Week beginning: 29 May 2017

While Trump’s away markets will play.  The S&P 500 touched a new record high last week, as attention re-focused on the otherwise encouraging market backdrop following the previous week’s political uncertainty.    Critically, the Fed minutes suggested that while a June rate hike remained more likely than not, the market was reassured by the fact the Fed remained very conscious of the need to remove stimulus gradually. A modest upgrade to annualised Q1 GDP growth (from 0.7% to 1.2%) also helped sentiment.  As suggested last week, Opec’s deal to extend production cuts was no better than expected, causing oil prices to give ground after the announcement.

 

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