It wasn’t the most exciting week last week. Not much news or data, and stocks in the US finished down about 1.2 per cent – in part because of the renewed debt ceiling drama, but also because there is a view that US stocks have run too hard. The All Ords in contrast finished 0.8 per cent higher, which is good news – we’re outperforming for a change.
There was more action on the debt market as the US 10-year Treasury note rallied. Yields were down about 10 bps to 2.63 per cent, but that mainly reflects the fallout from the Fed’s decision not to taper.