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Weekly Markets Review

SEVEN DAYS MARKET
13-19  NOVEMBER 2021
In Essence:
EQUITIES NEAR RECORD LEVELS; USD RALLYING VS EURO; OIL PRICES STEADY; BITCOIN <$60
Equities:
US U.S. stock futures gained early Friday as the S&P500 aims to post a winning week. The market rally appeared to have slowed down a bit near record levels even amid strong corporate earnings.
EU Equities in Europe spent the front part of the week clawing for foothold near all-time highs, and then they have retreated under the threat of an aggressive fourth COVID wave and the effect of measures of protection on the economies.
China Hong Kong stocks drop for third day, end week lower as Alibaba posts largest single-day drop on poor quarterly earnings, the e-commerce giant posting its largest single – day drop on poor quarterly earnings.
Debt:
Sovereign The benchmark U.S. Treasury 10-year rate had climbed earlier in the week, following strong retail sales and a higher-than-expected increase in the National Association of Home Builders Housing Market index.
Corporate Maersk issues the first green bond in its history and says the proceeds will be used to finance its planned purchase of eight green methanol vessels, adding that the coupon of 0.75% will be the lowest annual interest ever for Maersk.
FX:
USD/EUR The dollar was set to post a second week of chunky gains against the euro on Friday as traders wager on interest rates rising faster and further on the North Atlantic’s western shore, while sterling and the kiwi have also firmed with rate hike bets.
Standouts GBP has been outperforming even a firm US Dollar over the past few sessions, with EUR/GBP falling steeply. The Pound has been even stronger as a rate increase by the Bank of England on December 16 becomes ever more likely.
Commodities:
Oil Oil prices steadied on Friday as investors paused for breath following days of wild swings prompted by the prospect of coordinated action by the world’s major economies to release official crude reserves from stocks.
Gold Gold prices inched higher on Friday but were set for their first weekly decline in three as rising inflation fueled bets of quicker interest rate hikes and dented bullion’s appeal.
Emerging Markets:
Cryptos After a brief surge in bitcoin’s value at the start of the week following a major upgrade to its network, the cryptocurrency has plunged to below $60,000 on Thursday.
Turkey The Turkish lira trades as strong as 10.8443 against the U.S. currency, heading for its first gain in nine and rebounding from a record low after the central bank cut rates on Thursday.