MARKET OBSERVER – N° 114

The decision at the end of September by the US Federal Reserve to raise the base rate a further quarter-point, although widely expected by the market, has however cleared the field from doubts about the prospects for the US, which during the year has resulted in a flattening of the yield curve for US dollar denominated bonds.

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MARKET OBSERVER – N° 113

The stock market’s summer that is drawing to a close, has confirmed only to a small extent the technical hypothesis that after the correction in the first half of the year we were in an accumulation phase on the primary international stock exchanges; as only the US indices were able to revisit their historical highs, while in all the other markets there were significant declines.

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MARKET OBSERVER – N° 112

The distribution phase, which has affected the main global stock market indices since the beginning of the year, seems to have been exhausted in mid-July, giving way to a modest recovery which, if it continues, could assume the characteristics of an accumulation phase, which would be a prelude to a better inflection for the markets in the fall.

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