Equities

Nearly all major stock markets rose last week. In the US, the S&P 500 gained 1.4% on the back of promising retail sales and unemployment data. In Europe, the Euro Stoxx 50 also gained 1.4% while the FTSE 100 finished 1.5% higher. The MSCI Emerging Markets index rose 0.7% over the week, led higher by Brazil and Russia despite a 0.7% fall for the Chinese stock market.

Bonds

Global government bond prices rose last week (and yields fell). In the US, the 10-year Treasury yield ended the week at 1.58%. Investment grade corporate bond prices were higher in the US, but very slightly lower in Europe. High yield bond prices were also slightly higher in both regions.

Currencies

The US dollar was weaker against the euro, sterling and the yen last week. Sterling rose against the dollar, the euro and the yen. The euro was weaker against the pound and the yen, but rose against the dollar.

Commodities

It was a good week for oil prices, as the International Energy Agency upgraded its oil demand forecast. Brent Crude rose 6.1% to finish at $66.80 per barrel. Gold rose 1.9% to $1,776 per ounce, while copper rose 3.2%.

Responsible investing

Asset manager BlackRock voted against a long-running board member of Woodside Petroleum, a large Australian oil and gas producer. The vote was a protest against the company’s failure to publish reduction targets for its ‘Scope 3’ carbon emissions (all direct and indirect emissions from the company’s whole supply chain).