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Key Stories from the past week: Markets remain action packed
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After the stellar bounce from April lows, US equities faced some headwinds this week due to growing concerns over the fiscal outlook in the US. The Bond markets reflected these concerns with yields rising across the curve. The greenback fell against most major pairs, gold saw renewed haven demand, and oil heads for it’s first weekly decline in the last 3. Musk took a step back on politics and Trump threatens iPhone tariffs. More below on this week’s key stories.
Tax Bill boosts yields and fiscal concerns
This week, Trump’s tax relief bill passed the House of Representatives and now moves to the Senate. Bond yields rose, and the Treasury found tepid demand at a 20-year bond auction. Higher yields dampen economic growth but also lifts the treasury’s interest bill. Pairing this with tax relief applies significant pressure to the ballooning debt burden.
The "One Big, Beautiful Bill" is here: Who wins and who loses?
US bonds are flashing a warning
Cryptos on the rise
Bitcoin climbed to new all-time highs on regulatory optimism after the US Senate advanced the GENIUS Act for stablecoins. Wall Street’s acceptance grew as JPMorgan will allow Bitcoin purchases. The Crypto market cap is now near $3.5T as BlackRock’s IBIT set a new daily inflow record, marking six weeks of no outflows.
Crypto as a 'Marco Barometer'
Threat of increased Crude supply
Crude prices are heading for their first decline in three weeks on speculation that a group of eight OPEC+ producers are considering another bumper 411,000 b/d production increase for July, the third in a row. The move would try to force prices lower in order to regain market share at the expense of high-cost producers, most notably in the US.
Crude update
Trump shifts attention to nuclear
Nuclear-industry stocks moved higher after Reuters reported that President Trump is expected to sign executive orders as soon as Friday that aim to jumpstart the nuclear-energy industry.
Nuclear Stocks Surge
Monday 26th May is a markets holiday in both the US and UK. There is a huge earnings event with Q1 results from Nvidia due on Wednesday 28th May after the close. Other earnings highlights include PDD Holdings (Tues), Salesforce (Weds), Costco, Dell, Marvell, Zscaler (Thurs). Data released next week includes US Apr Durable Goods Orders, US May CB Consumer Confidence (Tuesday). FOMC meeting minutes (Wednesday). US GDP (Q1) (Thursday). US Apr Core PCE price index, May Michigan consumer sentiment (Friday).