The market is getting used to the fact that the Fed might actually raise interest rates in the coming year. Unlike last spring when the mere mention of the possibility of a rate hike threw the markets into a tizzy, this week’s speech from Janet Yellen was taken in stride....
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The major economic news of the week came out of Europe. The preliminary report on second quarter GDP was underwhelming. Growth in the region as a whole was flat between April and June (+0.4% was expected), compared with growth of +0.2% in the first quarter. Inflation also fell to a four-and-a-half-year low of +0.4% in July. Dismal performances from Germany, France and Italy – the core of the single-currency region – were responsible for the stagnation, while parts of the periphery beat expectations....
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It was a rough week for the stock markets around the world with most major indexes dropping between -1.0% and -3%. It might seem strange to see the markets sell off when 2nd quarter growth proved so strong, but numbers beneath the surface worried some and the international picture continues to be a source of uncertainty....
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It was a turbulent week with geopolitical events overshadowing pretty much everything else. But despite Thursday’s selloff, most global equity indexes closed in the black. ...
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The calm of the first half of the year was shaken somewhat this week by tremors out of Europe....
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