Bulls vs. Bears

Equities saw mixed performance this week, with AI mega caps hitting record valuations, despite broader market weakness and a cautious outlook from the Federal Reserve.

The AI Mega Caps surge, while the rest of the world burns. Equities were dragged record highs by 2 stocks this week, masking the underlying weakness in the rest of the market and the effect of a more hawkish than expected Fed meeting.

Europe and Canada Central Banks decided to roll the dice with pre-emptive rate cuts, despite inflation being well beyond the target range, while cracks started to show in the US labour market this week

In a week where rising bond yields de-railed the equities rally, Nvidia did its best to single handedly hold up the market.

In a week where rising bond yields de-railed the equities rally, Nvidia did its best to single handedly hold up the market.

Incitec Pivot faces $148M loss; Aristocrat reports strong growth; GrainCorp stabilizes operations. Copper Warrants (ZHGKOB) highlighted as trade of the week amid supply shortages and record prices.

The investor sentiment pattern, in the US equity market in particular, is of extreme selective hearing with any weakness in the economy cheered because it will trigger rate cuts, while any strength in the economy is cheered as “proof” of a soft landing.

The U.S. earnings season continues to unfold with notable performances and surprises. This week, several key companies reported significant shifts in their business dynamics, reflecting broader economic pressures and opportunities. Stagflation concerns persist as U.S. growth decelerates while inflation pressures mount, challenging central banks and impacting global market sentiments.

Things were looking grim mid-week with Meta dropping 16% and the broader market down over 2%
Enter Google results to save the day!

Fed speakers were especially hawkish this week, triggering a sell-off in equites. While copper saw 2-year highs on a potential structural shortage

Silver shines with an 8% gain in March, signaling potential outperformance over gold, bolstered by demand in tech and green energy sectors.

Silver shines with an 8% gain in March, signaling potential outperformance over gold, bolstered by demand in tech and green energy sectors.