Weekly Market Report (18 Sep 23)

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News Last Week

U.S. stock markets rise due to strong U.S. consumer base and stable labor market despite inflation worries
Consumer spending in the U.S. increased more than expected in August
ECB raised interest rates to historic highs affecting the euro and triggering a bond rally in the Eurozone
U.S. inflation rises, driven mainly by fuel costs, yet the Federal Reserve might overlook this in its upcoming policy decisions
Transportation and travel sector stocks including Norwegian Cruise Lines and Carnival see a surge, indicating a continuing consumer interest in travel
U.S. central bank expected to maintain current rates in the upcoming meeting, avoiding a hike for now
Bond yields reach near-highest levels since 2008, with a 10-year yield settling at 4.289%
U.S. stock indices like S&P 500, Nasdaq Composite, and Dow industrials post gains amidst volatile market conditions
Significant global market reactions observed with mixed outcomes in various regions following the ECB rate hike and U.S. inflation data
U.S. oil futures surpassed $90 a barrel, a threshold not seen since after Russia invaded Ukraine, highlighting the increase in gas prices which factored into the recent inflation uptick
The Euro dropped to its lowest since March, yet UK's FTSE 100 and Stoxx Europe 50 noted substantial gains following ECB's rate hike.