Equities

Global equities were broadly positive last week, with the MSCI ACWI index gaining 1.3%. In the US, the S&P 500 and Nasdaq gained 1.6% and 1.4% respectively, against a backdrop of strong corporate earnings. European and emerging markets were more mixed, with the Euro Stoxx 50 gaining 0.1% and the MSCI Emerging Markets index rising 0.7%.

Bonds

Global government bond prices were broadly lower last week. In the US, Treasury bond prices faced downward pressure after retail sales rose unexpectedly on Friday, adding to beliefs that pandemic-era support could be withdrawn in the near future. In corporate bond markets, investment grade and high yield bond prices were lower in both the US and Europe.

Currencies

The US dollar had a bad week, falling against the euro, sterling and the yen. The euro gained ground against the dollar and sterling, but fell versus the yen. And sterling rose slightly versus the dollar, but was weaker against the euro and the yen. 

Commodities

Oil continued to rise, with Brent Crude ending the week at $85 per barrel. Gold also had a positive week, gaining 1.4%. Meanwhile industrial metals suffered, and copper fell 4.9%.

Responsible investing

AXA announced a new initiative to fight deforestation and protect biodiversity. The company will invest €1.5 billion towards sustainable forest management, while also strengthening its investment and insurance requirements for industries that contribute to deforestation.