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On Friday, the S&P 500 completed its comeback, notching a new all-time high. The index has grown approximately 27% in local terms from its lowest point in early April.
Both US and European equity markets opened on a positive note on Monday after reports emerged that Iran wanted to de-escalate conflicts with Israel. However, this sentiment soured throughout the week, and European stocks would ultimately finish in negative territory.
Markets opened the week on a positive note as US and Chinese representatives met in London on Monday to negotiate a trade deal.
The Governing Council of the ECB issued its eighth rate cut in a year last week, bringing the main deposit rate down to 2.0%.
US treasury yields opened the week higher after Moody’s downgraded the US credit rating by one notch to Aa1, citing the growing deficit.
Last week saw some notable developments on the US trade front, as new data and diplomatic discussions gave the market plenty to digest.
As a month filled with uncertainty and speculation ended, investors were emboldened last week by several growth indicators.
Equities finished the week sharply higher led by the Magnificent Seven which were up over 8%.
US stocks rallied on Monday following indications from US President Trump that tariffs may be more targeted than anticipated. However, just when there were hopes that the US market was beginning to regain its old moxie, weak consumer confidence readings released on Tuesday hampered the mood.
Another week and another tariff announcement. On Monday, Trump said he would be reinstating the 25% levy on steel imports from his first term and increasing tariffs on aluminium imports to 25%, writes Ian Slattery.