Strong macroeconomic data and sector performance in Materials offset weekly declines in US markets, keeping volatility low.
Global equities rose on Friday, though US markets closed the week lower. The gains were driven by robust macroeconomic data, particularly Friday’s PMI figures, which reinforced market resilience despite broader risks.
Materials outperformed Utilities, signaling no defensive rotation—a trend typically expected when macro conditions are strong. The VIX remained stable around 15.5, reflecting subdued volatility. Meanwhile, Nordic markets stood out as a strong region for the week.
Key narratives include ongoing AI capital expenditure, oil market dynamics near the Strait of Hormuz, and concerns over dollar debasement. Asian markets opened lower on Monday, with South Korea among the decliners.