Amadeus Weekly 2022 W18

Fabian Scheler

May 6, 2022

Once a week we summarize the most important market developments and macroeconomic events in a brief chartbook.

2 Minute Read
Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.
Quick recap
  • As expected, the FED increased interest rates by 50bp this week, but Powell cautioned that a 75bp was not on his agenda. As a result, Treasury yields surged while the USD remained broadly unchanged.
  • The hike was initially greeted with a strong rebound in U.S. equities, but the mood for risk assets soured the next day when the NASDAQ dropped by 5%.
  • Despite the widely discussed extreme market moves on Wednesday and Thursday, the S&P 500 ended the week almost flat, and VIX implied volatility declined.
  • The real fallout was in international equities and credit as European, and Emerging Market indices retraced further while credit spreads widened.
  • OPEC’s reluctance to meaningfully increase production pushed crude higher again, making energy stocks the week’s winners.
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