- The holiday-shortened week was led by a sharp rally in Latin America, primarily Brazil and Argentina. US equities rebounded sharply on Friday’s strong jobs report to end the week nearly unchanged. European equities also rebounded to end the week generating modest gains (0.5-1.0%)
- Treasury yields were lower, even after a strong rally on Friday. Yields on five- and ten-year issues were up roughly ten basis points on Friday in response to the jobs report, but still ended the week lower by five and ten basis points, respectively.
- The US Dollar Index was down slightly this week. Thursday’s sharp equity market selloff took the trade-weighted dollar down with it. A brief rally on Friday in conjunction with the equity markets fizzled out.
- Crude oil had its best week since the end of the third quarter, up roughly 6%. The advance was driven by lower-than-expected changes in US stockpiles and hopes for settlement of trade issues with China.
- Among other economic data released this week: US manufacturing grew at the slowest pace in nearly two years, as indicated by the ISM Index falling to 54.1% from November’s reading of 59.3%.
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