Overall, asset prices in local currency did not fluctuate a lot last week and trading volumes were rather limited.
At first sight, there was no significant event. Only President Trump’s scathing comments on the Fed policy (he told CNBC he was “not thrilled” about interest rate hikes), a new development in the trade war between China and the U.S. (the latter having threatened to impose new tariffs on $500 billion of Chinese exports) and last but not least rising U.S.-Iran tensions. In a nutshell, almost nothing changed even if the dollar slipped a bit after Trump’s rebuke to the central bank governors.
Volatility remained incredibly low (just a slight rise, the VIX index closing below 13) despite political uncertainty. Incredible but true!
From a sector perspective, both Financial and Technology ETFs have benefitted from earnings, which turned out to be slightly higher than analyst estimates, collecting more than €600 million each.
Find the full report here: https://www.trackinsight.com/weekly-flow-report/2018-07-20/global