Equity markets were volatile, the S&P500 recovering from a 2.3% loss (and a one-year low) to close unchanged on the day. Bond yields fell, and the defensive US dollar rose. There was little market-moving news.

Equity markets retained a risk-averse posture, the S&P500 down 0.6%. US bond yields also fell, displaying lingering caution on the economic outlook. Against that, the defensive USD underperformed all the majors, with higher commodity prices perhaps at play. There was little fresh news of note.

Risk aversion took hold as equity markets observed inflation’s impact on company earnings, the S&P500 down 4.2%. The defensive US dollar rose, while US bond yields fell.

Risk sentiment was upbeat amid some solid US economic data, the S&P500 up 2.0%. The defensive US dollar fell, while US bond yields rose, the latter helped by hawkish comments from Fed Chair Powell.

US equity markets couldn’t maintain initial gains, the S&P500 sagging at the close to be down 0.4%. The US dollar and US bond yields fell.

Equity markets rebounded after a torrid six weeks, the S&P500 up 2.4%. Risk-sensitive currencies outperformed, and bond yields rose slightly.

Equity markets deteriorated further, the S&P500 down 1.7% to a 14-month low, and 20% below the peak in January. Bond yields fell further, and safe-havens USD and JPY rose.

Stronger than expected US inflation data stoked concerns about Fed tightening and possible recession. Short-term interest rates are slightly higher, long term rates slightly lower, and the S&P500 is down 1.7% to a 12-month low. The USD was volatile but is little changed.

US equity market sentiment stabilised, the S&P500 off a 12-month low and up 0.3% on the day. Bond yields fell further, and the US dollar rose.

US equity market sentiment deteriorated further, weighed down by concerns that rate hikes could cause a recession. The S&P500 is down 3.2% and at a 12-month low. Bond yields fell, as did risk-sensitive currencies.