Our services in the selected location:
  • No services available for your region.
Select Location:
Remember my selection
We have been made aware that there are external parties falsely claiming to carry out financial services on behalf of Goldman Sachs (including Goldman Sachs Asset Management International and Goldman Sachs International) in order to market fake investment products and to solicit monetary payments. These external parties may pose as Goldman Sachs through the use of fraudulent communications via email, instant messaging or phone, as well as through the use of fake brochures and other documents containing Goldman Sachs branding and logos.
The FCA has issued warnings about these fraudulent activities which can be found here and here.
It is important to know that any communication you receive from Goldman Sachs would only come from an @gs.com e-mail address and/or be found on the goldmansachs.com website. Further information regarding how you can protect yourself from fraudulent activity online and how you can contact us about this can be found on the Goldman Sachs Security page, available here.
Your browser is out of date. It has known security flaws and may not display all features of this and other websites
MARKET MONITOR 
|
November 15

MARKET MONITOR

Chart of the Week


POLITICS

The upcoming US presidential election has been receiving more attention as Democratic primary elections near. Beyond that, the composition of other branches of government will also be decided in 2020. A divided Congress may meaningfully limit the scope for policy changes. In a narrowly divided Senate, marginal votes are needed to attain a simple majority, which would increase the likelihood of more incremental changes in areas such as health care or tax policy.

Source: GSAM. As of November 15, 2019. For illustrative purposes only.

Market Summary


GLOBAL EQUITIES

Global stock market movements were capped by persistent uncertainty over the US-China trade deal. Mixed earnings results contributed to US stocks’ holding pattern; the S&P 500 remained around record highs as it finished 0.94% higher for the week. European stock markets followed global peers as investors focused on the US-China trade talk progress. Read More

COMMODITIES

US crude oil prices rose amid a stockpile increase. The US crude inventory increased for the third consecutive week, up 2.2 million barrels (bbls) for the week ending in November 8th. The moves came as the Organization of the Petroleum Exporting Countries (OPEC) acknowledged the likelihood of lower US production in 2020; WTI prices edged moderately higher to $57.72 per bbl. Brent prices have been range-bound as investors await the upcoming OPEC meeting. Read More

FIXED INCOME

The US Treasury yield curve flattened further on the week, despite supportive inflation data and indications that the Federal Reserve intends to hold rates steady for the foreseeable future. Much of the week’s rate moves were influenced by trade talks, with Chinese officials indicating that phase one of the deal is reliant on some degree of tariff rollbacks. The 2-10 US Treasury yield spread ended 5 basis points (bps) lower. The yield on German bunds also declined 7 bps to -0.33%. Read More

FX

The US dollar index retracted 0.33% for the week, following mixed signals surrounding trade negotiations. The intra-week changes mirror moves toward “haven” assets in other markets. The euro appreciated against the US dollar 0.26% as Germany surprised forecasters with better-than-expected quarterly Gross Domestic Product (GDP) releases, avoiding a technical recession. Read More

Economic Summary


INFLATION

US consumer prices rebounded in October. The October US CPI increased 1.8% as energy, healthcare, and food prices picked up. US core Consumer Price Index (CPI) increased 2.3%, driven by healthcare costs, used car and truck prices, recreation, and rent. The US wholesale costs of goods and services saw the sharpest increase in October in six months. The US Producer Price Index (PPI) was up 0.4% as gas prices rose. Read More

MANUFACTURING

Euro area Industrial Production for September printed at +0.1% month-over-month, above consensus expectations. The modest pick-up was driven by a surge in industrial production in Ireland and a small increase in France, which were partly offset by falls recorded in Germany, Italy and Spain. Read More

Style Performance


US Equity Size & Style Returns

MONTH-TO-DATE

Large
2.75%
2.92%
3.08%
Medium
2.37%
2.66%
3.09%
Small
1.75%
2.26%
2.77%
Value
Core
Growth

YEAR-TO-DATE

Large
22.75%
26.68%
30.68%
Medium
22.96%
26.48%
31.50%
Small
17.57%
19.84%
21.91%
Value
Core
Growth

MSCI World Size & Style Returns

MONTH-TO-DATE

Large
2.17%
2.37%
2.56%
Medium
1.39%
2.00%
2.45%
Small
1.58%
2.13%
2.66%
Value
Core
Growth

YEAR-TO-DATE

Large
17.95%
23.36%
29.20%
Medium
19.60%
23.50%
26.37%
Small
17.17%
20.66%
24.16%
Value
Core
Growth

US Fixed Income Maturity and Quality Returns

MONTH-TO-DATE

Government
-0.21%
-0.40%
-2.40%
Corporate
-0.10%
-0.26%
-1.06%
High Yield
-0.05%
0.13%
0.27%
Short
Intermed.
Long

YEAR-TO-DATE

Government
4.01%
5.10%
15.89%
Corporate
6.40%
9.34%
21.66%
High Yield
7.88%
11.50%
19.53%
Short
Intermed.
Long

European Fixed Income Maturity and Quality Returns

MONTH-TO-DATE

Government
-0.16%
-0.70%
-1.99%
Corporate
-0.05%
-0.24%
-0.78%
High Yield
0.15%
??????
??????
Short
Intermed.
Long

YEAR-TO-DATE

Government
0.30%
4.61%
17.66%
Corporate
1.28%
7.49%
16.39%
High Yield
9.31%
??????
??????
Short
Intermed.
Long

Source: Bloomberg, Barclays and GSAM (as of 11/15/19)

VIEW LESS DISCLOSURE

Key Economic Releases


Monday, Nov 18

Tuesday, Nov 19

Wednesday, Nov 20

Thursday, Nov 21

Philly Fed Survey (Cons: 6.0, Prior: 5.6)
Japan Core CPI (Cons: 0.4%, Prior: 0.3%)
Japan Core-Core CPI (Cons: 0.6%, Prior: 0.5%)

Friday, Nov 22

VIEW LESS DISCLOSURE

Stay Informed and Be Ahead of the Curve


DOWNLOAD MARKET MONITOR

Access the full PDF to use with your clients

SUBSCRIBE TO MARKET MONITOR

Get the latest Market Monitor delivered to your inbox as soon as it publishes

MANAGE SUBSCRIPTIONS

Past Market Monitors



Related Insights



CONTACT US

For More Information
Funds Client Service