Covenant Weekly Synopsis as of November 6, 2015

November 9, 2015

Developed world equity markets punched higher by about 1%, with domestic stocks recording their sixth consecutive week of gains. Chinese stocks rocketed up more than 7% entering a new bull market, though they remain more than 25% below their mid-summer highs. Following a strong October employment report, expectations of a December rate hike jumped (see […]

Covenant Weekly Market Synopsis as of October 30, 2015

November 2, 2015

Following two difficult months (and the worst quarterly performance in more than four years), global equity markets staged a massive rally in October recording their single strongest monthly performance in four years. The rally, which produced high-single-digit returns amongst developed and emerging market stocks appears to have been spawned by expectations of additional monetary stimulus […]

Covenant Weekly Synopsis as of October 23, 2015

October 26, 2015

Following a fourth consecutive week of equity market gains, October is shaping up to be a very strong month with developed and emerging markets up 8% or more thus far (additional market detail can be found here). Once again, much of the impulse for equity markets to move higher was delivered by central banker largesse. […]

Covenant Weekly Synopsis as of October 9, 2015

October 12, 2015

After the worst quarter since 2011, equities rebounded to post their best weekly performance of 2015. The S&P is now up nearly 8% from its recent lows and only about 5.5% from the all-time high set in May of this year. International developed and emerging market equities rose sharply and even beaten down commodities and […]

Covenant Weekly Market Synopsis as of October 2, 2015

October 5, 2015

Although last week saw positive moves across most asset classes, the third quarter served as a reminder that risky assets are risky. As concerns around China’s growth rate and uncertainty about the timing of a Fed rate hike competed for top billing in news headlines, risky asset classes sold off and at the sub-asset class […]

Covenant Weekly Market Synopsis as of September 25, 2015

September 28, 2015

Last week saw more pressure on risky assets: developed market indices declined between -1% and -3%, emerging markets fell more than -5% and emerging-emerging markets (aka frontier markets) were off by more than -2%. The biotech industry was particularly hard hit last week as the Nasdaq Biotech Index plunged -5.1% on Friday, capping a -13% […]

Covenant Weekly Synopsis as of September 18, 2015

September 21, 2015

Markets got what they wanted from the Fed, or at least what they had wanted from each previous Fed meeting over the last nine years….namely that the Fed refrain from raising interest rates. That happened again last Thursday, only this time the equity markets did not rally as they had in the past. Whether equities […]

Covenant Weekly Synopsis as of September 11, 2015

September 14, 2015

After a tough run in August (-6%) and the beginning of September (-3%), equity markets rebounded last week with developed and emerging market equity indices posting gains of +2% to +3%. In spite of these advances, global equity indices remain broadly negative on the month. Interest rates were relatively unchanged last week, and the yield […]

Covenant Weekly Synopsis as of September 4, 2015

September 8, 2015

September got off to a rough start for risk assets, with developed and emerging markets alike declining 1% to 2% in the first four days of trading. For the first time in a long time, most major equity markets are negative year-to-date, with only Europe and Japan clinging to small positive values. Facing little pricing […]

Covenant Weekly Market Synopsis as of August 28, 2015

August 31, 2015

Welcome to the inaugural public version of the Covenant Weekly Market Synopsis. We have used this weekly piece for about two years as a tool for keeping our financial advisors and colleagues abreast of recent market events with the occasional comedic relief. It is important to note that this weekly missive will not contain any […]