Market Report Jun 23 2023

On Thursday, U.S. equities found strength from a robust rally in some mega-cap technology shares.

This rally enabled the market to navigate past the hawkish stance expressed by Chair Powell and significant rate hikes of 50 basis points both here in the UK and in Norway. the United Kingdom and Norway.

A mixed look in the markets with US closing mainly positive and Europe negative.

Sectors were also mixed but VIX fell further to below 13.

The BoE decision to increase was probably driven by the surge in CPI which was up to 8.7% year-on-year in May. Market participants had anticipated a 25 basis points rate increase from the Bank of England, with only a small likelihood of a 50 basis points hike.

Norway's central bank increased its key interest rate by 50 basis points to 3.75% and indicated a potential further hike in August. The Swiss National Bank also raised its benchmark rate by 25 basis points to 1.75%.

Our stocks also had a mixed reaction to everything that went on yesterday but the majority closed above the waterline.

Javid Shaik
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