HFRU Performance Notes
Global financial markets gained in March, extending the prior month gains despite rising bond yields and expectation for inflation. Equity markets posted gains across most sectors & regions, led by US large caps including Non-Cyclicals, Financials & Telecom, while regional gains were led by Germany, Italy & France. US interest rates increased on expectations for economic growth in... Read More
Global financial markets posted mixed performance in January, as early month gains on resolution of the US political transition were reversed through volatile trading dominated by strong retail demand in deep value equities. Technology & small cap led US gains while large cap & cyclicals led declines; by regions France & Germany led declines while Asian markets were also mixed. US... Read More
Global financial markets extended gains in December to conclude a strong and volatile 2020, as investors focused on continued rising coronavirus cases, rollout of several vaccines and the resolution of the US senate election; cryptocurrencies extend the recent surge. US equities gained led by small caps, while Technology, Energy and Cyclical sectors all led gains; European & Asian equities... Read More
Global financial markets surged to record highs in November as uncertainty regarding the US election declined and optimism regarding advancements on coronavirus vaccines accelerated. Global equity markets surged across most regions with strong gains in most sectors led by Cyclicals, Energy and Financials with regional gains across US, UK, France, Italy and Japan. US interest rates declined as the... Read More
Global financial markets declined in September as investors focused on upcoming US elections as well as continued challenges to reopening businesses as a result new virus cases. Led by Energy & Financials sectors, global equity markets declined for the months, though pared intra-month declines into month end. US interest rates declined on near term uncertainty and commitment of US Federal... Read More
Global financial markets posted gains for June, trading in a wide intra-month range on high realized volatility as optimism over economic reopening was offset by concerns about a second wave of coronavirus contagion. US equities gained for the month led by Technology, Energy & Commodity exposures, while European & Asian equities also gained. US interest rates were little changed for the... Read More
Global financial markets gained in May let by Energy, small cap and growth sectors, extending the strong recovery from the prior months as businesses began the process of reopening form the coronavirus pandemic quarantine. Energy equities surged as Oil posted record monthly gains in May, small cap, growth, technology and commodity sensitive all gained as risk tolerance continued to increase;... Read More
Global financial markets posted steep losses in February driven by uncertainty regarding the contagion of the coronavirus; US equities posted sharp losses across all indices, sectors and regions Interest rates plunged to record lows on flight to quality, while investors also positioned for additional central bank stimulus measures. Energy commodities posted sharp losses on expectations for... Read More
Global financial markets declined in January surrendering intra-month gains into month end as concerns about the spread of coronavirus drove a volatility increase into month end. Equities posted declines led by Chinese equities and Energy exposures; European equities also declined while US equities surrendered intra-month gains into month end. US interest rates declined on flight to quality... Read More
Global financial markets concluded the strong 2019 by extending gains into year end, with many equity markets ending year near record high levels. Global equity markets gains were led by the Nasdaq and S&P 500 on optimism over US economic growth into 2020; regional equity markets gains were led by China, Russia and the UK. US interest rates posted narrow declines in December, with the US... Read More
Global financial markets gained in November, as continued strength in US economy offset concerns regarding trade negotiations & slow European growth. Global equity market gains were led by the US, with sector leadership from Biotech & Healthcare; France & Australia led regional gains. US interest rates increased following the recent rate reduction by the US federal reserve led by... Read More
Global financial markets posted strong gains for October, recovering early intra-month equity market losses as the US Federal Reserve lowered interest rates. Global equity markets gained across most sectors and regions, led by Technology, Semiconductor and Energy, with regional gains led by Japan, Russian and Germany. US government bond yields increased for the month as the US Dollar declined... Read More
Global financial markets posted mixed performance in July, as the US Federal Reserve lowered US interest rates amid rising trade tensions. Global equity markets posted mixed performance led by the US, as markets posted steep declines on the final day of the month; Semiconductor & commodity sensitive sectors led gains, globally gains in UK and Japan were offset by declines in France, Germany... Read More
Global financial markets gained in the month of April, as equities extended 1Q advanced on continued increases in risk tolerance with acceleration in M&A and IPO activity. US equities were led by Technology and Semiconductors while global equity markets were led by Germany, though most European regions showed strong gains. Interest rates increased as the US economy remained strong and growing... Read More
Global financial markets posted mixed performance in March to conclude a strong 1st quarter as the US Federal Reserve paused interest rate increases, the US yield curve inverted between short to medium term maturities and UK politicians voted on Brexit proposals. Global equity markets posted gains for the month with strong performance into month end, completing the strongest quarter since 2009.... Read More
Global financial markets extended January gains through February, completing the best 2 month start to a year for US equities since 1991. Global equity market surged across most sectors, led by small cap, Energy, Telecom; regional gains were led by China, France, Australian and Italy. US interest rates rose modestly as investor discounted a pause in rate increases by the US Federal Reserve; the... Read More
Global financial markets surged in January to begin 2019 driven by investor optimism over trade agreements & economic growth. Global equity market were led by US equity markets with leading gains from small cap, technology, energy, commodity and cyclical sectors; global equities also gained led by Brazil, Italy & Russia. Commodities posted strong gains for the month led by Oil, while... Read More
Global financial markets posted steep declines in December, led by the US equities, small cap exposures and Oil; European and Asian equities also declined. Oil and Natural Gas posted steep declines to lead broad-based commodity losses, which were only partially offset by gains in Gold, Silver & Agricultural commodities. US yields declined despite the rate increase by the US Federal Reserve,... Read More
Global markets were mixed in November with US corporate profits beating forecasts as Crude Oil declined sharply to 1 year lows, trade negotiations between the US and China, and Brexit discussions added uncertainty to the markets. US equity markets were led by Consumer Cyclicals and Healthcare; European markets were led by Spain while Great Britain posted losses, and Emerging Markets were mixed.... Read More
Global financial markets posted sharp declines for October, with the Technology sector posting the worst month since Nov 2008. Global equity markets posted steep losses across all regions & sectors, led by Technology, Small Caps and Energy. The US Dollar gained against most currencies on the uptick on financial market volatility, though US interest rates were little changed for the month.... Read More
Global markets were mixed during September as the Federal Reserve raised the federal funds target rate on continued strength in US economic indicators, while fresh worries on trade with China and Canada added to market uncertainty. US equity markets were led by Energy and Healthcare; Global European markets gained in Italy, the United Kingdom and France but declined in Germany and Netherlands.... Read More
Global financial markets posted mixed performance in August, as the US Dollar and US equities posted strong gains, while most commodities as well as European and Asian equities declined for the month. US gains were again led by Technology, Healthcare, Biotech and Energy; while regional equity markets including Italy, Russian, Spain, Brazil, Argentina and China experienced declines. US interest... Read More
Global financial markets experienced gains for July as the US economy posted strong growth in the second quarter, while negotiations between the US and Europe reduced tensions over trade. Equity markets rose, with leadership in the Energy, Healthcare and Biotech sectors, while European markets were led by Switzerland, Netherlands and Germany; Emerging Markets were also mostly up. US interest... Read More
Global financial markets posted mixed performance for June as Oil surged and the US Federal Reserve raised US interest rates. Global equity markets posted mixed performance with gains from US Technology and large cap offset by declines in developed European, Emerging Markets and China. Oil surged on modest OPEC output increases, while Metals and most Agricultural commodities declined. US bond... Read More
Global financial markets posted gains in May as European elections and new tariff and trade proposals contributed to a sharp increase in daily and intra-day volatility in the final week of the month. US equity markets led gains for the month, with leadership from small caps, Energy, Biotechnology and Semiconductors; European & Asian equites were mixed with Spain and Italy posting sharp... Read More
Global financial markets posted mixed performance for April as US interest rates increased and Oil reached the highest level since 2014. US equities were little changed for the month as earnings season began, with sector gains led by Energy & Oil Services. European & Asian equites gained led by France, Italy and the UK. Oil led commodity gains, reaching a 3 years high; commodities... Read More
Global financial markets posted declines in March, bringing most markets to post declines for 1Q18 as trade centric-volatility drove losses in March. US equities declined across large cap & technology exposures, though small cap indices posted modest gains for the month; Asian & European equities declined led by France, Germany, China, Japan and the UK. US interest rates declined led by... Read More
Global financial market posted steep declines as US interest rates increased in February. Equity markets fell broadly, with sector declined led by Biotech, Energy and Healthcare, while regional declines were led by China, Japan, Germany and Spain. US interest rates increased led by rising longer dated bond yields as inflation pressures continued to develop and high yield credit widened. Energy... Read More
Global financial markets surged in January to begin 2018, with strong gains across equities & commodities as US interest rates increased while the US Dollar fell. US equity gains were led by Technology, Energy & Financials, while equities in China, France, Italy, Brazil, Russia, and India also surged. Oil led commodity gains for the month, while Platinum and Wheat also gained. US yields... Read More
Global financial markets posted mixed performance in December to conclude a strong year of gains, with passage of comprehensive tax reform contributing to gains into year end. US equities were mixed for the month, with gains in large cap DJIA offset by declines in small cap Russell 2000. Sector gains in Energy & commodity sensitive areas were offset by declines in Semiconductors &... Read More
Global financial markets were mixed in November as the US economy accelerated, driving an acceleration in M&A activity despite continued geopolitical threats from North Korea. US equities gained led by large cap, Semiconductor and Telecom sectors, with new transactions in the rapidly changing Media, Retail and Technology sectors. European equities declined led by France, Spain & the UK,... Read More
Global financial markets gained in October, led by gains in large cap Technology and Oil. Amazon & Apple surged into month end, complemented by gains in other FANG stocks; the DJIA led other US indices while Semiconductors and Energy led US sectors gains. Global interest rates were little changed for the month, with small increases in shorter dated maturities, while European & JGB rates... Read More
Global financial markets gained in September as Oil & small cap equities surged, while the US Dollar fell sharply against the British Pound Sterling. US equities gained led by small cap, Energy, Oil Services and Semiconductors, while European equities were led by a surge in equities in Germany, France & Italy; Japanese equities also gained. US interest rates increased led by a sharp... Read More
Global financial markets posted mixed performance in August, as geopolitical tensions regarding North Korea increased while energy commodity markets were impacted by Hurricane Harvey. Global equity markets posted mixed performance with declines Energy & Commodity sectors offset by gains in Technology & Healthcare; regional gains in LatAm, Russia & China were offset by declines in US... Read More
Global equity markets posted gains for July, as the US Dollar declined and Oil surged off lows, partially recovering 2017 declines. US equity gains were led by Technology and Energy, while International gains were led by Italy, Hong Kong, Brazil and India. US Interest rates posted modest increases across most maturities, while European yields posted narrow declines; high yield credit was little... Read More
Global financial markets posted mixed performance in June as the US Federal Reserve increased interest rates and implied volatilities remained near historical lows. Global equity markets were also mixed with declines in European equities and Technology sector offset by gains in small cap and Financial sectors. US interest rates posted narrow increases as the US Federal Reserve increased interest... Read More
Global financial markets posted mixed performance in May, as implied volatilities declined following the French election and Brazil recovered from a sharp 1-day sell off. Global equity markets posted gains led by the UK, Technology and Asian equities, though gains were offset by China, Russia, Brazil and Energy sector. Global interest rates were little changed over the prior month as the US... Read More
Global financial markets posted gains in April led by US Technology and driven by optimism over European election results. Equity markets posted gains led by French equities, other global equities also gained led by US Technology, Biotechnology, Healthcare and Cyclical sectors, which were partially offset by declines in Energy & Oil Services. Interest rates were little changed for April, with... Read More
Global financial markets posted mixed performance in March, as the US Federal Reserve increased US interest rates. Global equity markets were mixed, with Nasdaq and European gains offset by narrow declines in US large cap & Energy sector exposure. US rates increased modestly for the month across most maturities, while European yields also rose following Brexit developments and Netherlands... Read More
Global financial markets extended gains through February led by gains in the US as the Trump growth agenda developed, including expectations for infrastructure spending, lower taxes and higher interest rates. US equities led broad based global gains, with leadership from Technology, Healthcare, Financials and Telecom; European and Asian equities also gained. US interest rates posted modest... Read More
Global financial markets posted mixed performance in January to begin 2017, as Donald Trump became the US President. US equities gained led by Technology, Biotechnology, Healthcare & commodity sensitive sectors, while European & Asian equities were mixed with gains in China, Russian offset by narrow declines in Italy & France, US yield were little changed over the prior month, while... Read More
Global financial markets posted gains in December to conclude a strong month, quarter and calendar year, with gains across global equities, the US Dollar and energy commodities driven by investor optimism for US growth in early 2017. Led by Energy & Oil Services, US equities reached record highs intra-month December and ended 2016 near record highs, though European equities led gains for... Read More
US equities surged in November in response to the surprise victory by Donald Trump and the Republicans in the US Presidential election. The US equity surge was led by small cap exposures, which posted the strongest monthly gains since October 2011; large cap exposures also posted strong gains led by Financials, Oil Services and Cyclicals. Global equities posted more muted & mixed performance... Read More
Global financial markets posted mixed performance for October, as M&A activity spiked and polls on the US election tightened into month end. Global equity markets posted divergent regional results, with declines in the US partially offset by gains in Europe & Asia led by Italy, Spain, Japan & China; small gains in Financials were offset by sharp declines in Technology sectors. M&A... Read More
Global financial markets posted mixed performance in September, as the US Fed maintained low interest rates while commodities gained as investors discounted moderate increases in US rates into 2017. Equity markets posted mixed performance, partially recovering intra-month weakness into month end as Deutsche Bank posted a sharp decline, with gains in Technology, Energy and Commodity-sensitive... Read More
Global financial markets posted mixed performance as realized volatility and implied volatility declined, trading volume fell and equity markets reached intra-month record levels with modest advances. Equity markets posted mixed performance for the month, with gains in Energy & Financials, European & Asian exposures offset by declines in Biotech & Healthcare. US rates were little... Read More
Global financial markets posted gains through mid-August, as US equities reached record highs with leadership from the Energy sector; European, Asian and emerging market equities also posted gains. US Treasury yields rose on a strong US employment report, while Japanese yields rose (though remained negative) on announcement of BoJ stimulus measures which were more moderate than expected; European... Read More
Global financial markets gained in July, extending the recovery from the prior month Brexit shock and driven by both strong US employment report and US Fed continuation of low interest rates. Equity market gains were broad based across regions and sectors, with regional led by gains in Germany, Japan, US, Spain, Brazil and Hong Kong, while sector gains were led Technology, Biotechnology, Telecom... Read More
Global financial market volatility spiked in June as the UK voted to leave the European Union, resulting in steep losses for the British Pound Sterling and many European equities, while bond yields plunged further into negative territory and gold surged. Global equity markets ended June with mixed performance following steep declines across all markets intra-month on the Brexit vote; equities in... Read More
Global financial markets posted mixed performance for May as investors discounted near term interest rate increases by the US Federal Reserve, as well as a close outcome of the upcoming British referendum on EU Membership ('Brexit vote') across equity, fixed income, commodity and currency markets. US equity markets gained led by Technology, Small Cap, Biotech, Energy and Healthcare; European... Read More
Global financial markets posted mixed performance in April, with gains led by resurgent energy commodities, while both the Japanese Yen and British Pound Sterling surged against the US$. Global equities posted mixed results, with gains in Europe offset by weakness in Asia, while gains across large and small cap indices were offset by weakness in Technology; reported earnings were also mixed, with... Read More
Global financial markets posted strong gains in March as investor risk tolerance returned, recovering from early year losses as the US Federal Reserve moderated expectations for multiple increases in US rates in 2016. Equity markets posted strongest gains since October led by sharp recoveries in emerging markets and energy exposures, with regional gains led by China, Brazil, Russia and India.... Read More
Global financial markets ended February with mixed performance as US political primaries and Brexit concerns drove investor concerns, narrowing sharp intra-month losses concentrated in Financials and Technology. Global equity markets pared steep losses across many sectors into month end, with sector weakness led by Biotechnology, Financials and Energy, European & Asian equities also posted... Read More
Global financial markets posted sharp losses in January led by declines in Oil and global equities, though steep intra-month losses in both were narrowed by strong gains in final trading days of the month. Global equities posted steep declines for the month led by Biotechnology, Energy, Financial, Energy, Healthcare, small caps, China, Italy and Germany. Oil also posted steep losses for the month... Read More
Global financial markets ended 2015 with declines in the month of December, led by Energy, High Yield Credit and European equities as the US Federal Reserve increased US interest rates. Global equity markets posted declines led by European equities, with steep losses across Russia, Spain, Germany, France and the Netherlands; US equities posted more moderate declines led by Energy & Oil... Read More
Global financial markets posted mixed performance in November, as investors discounted the impact of both US Fed interest rate increases and ECB stimulus measures in coming months. Global equity markets also posted mixed performance as with gains across US, Europe and China, while other Asian and Emerging Markets posted declines; small cap and technology sectors led gains, while energy &... Read More
Global financial markets posted strong gains in October as the US Federal Reserve maintained its current interest rate policy, with equities reversing sharp 3Q losses across widely held positions with broad based gains across most sectors and regions. US gains were led by Technology, Biotechnology, Semiconductors, Oil and Energy sector equities, while developed Europe also posted strong gains as... Read More
Global financial market volatility accelerated through September, led by weakness in global equities and commodities as the US Federal Reserve postponed US interest rate increased at its September meeting. Equity markets extended sharp losses from the prior month, led by weakness in Energy, Oil Services, Biotechnology and Healthcare, with regional weakness across developed Europe, US, China and... Read More
Global financial market volatility surged in August as Chinese equities posted a second consecutive sharp monthly decline, while US equities posted the worst monthly decline since 2012, despite paring intra-month declines into month end. Sharp losses across Chinese equities on weakening Chinese economic growth contributed to steep losses across US, European and Emerging Markets equities. US... Read More
Global financial markets posted mixed performance in July, as Chinese equities posted a steep decline only partially offset by gains in European equities, while Commodities also posted sharp declines led by Oil, Copper and Gold. Global equity markets traded in a wide range in July, with investor focus on sharp declines in Chinese equities; investors also focused throughout the month on the... Read More
Global financial markets declined in June as volatility increased into month end as a result of uncertainty over the outcome of the Greece referendum. Global equity markets posted declines in June, with continued volatility in Chinese equities throughout the month complemented by a surge in volatility in European equities into month end as Greek banks closed; US equities posted declines led by... Read More
Global financial markets posted mixed performance for May, as the US Dollar posted broad based gains for the month, while equities, fixed income and commodities traded in wide ranges. US equities posted gains for the month led by Small cap, Growth, Technology and Healthcare areas, though these were partially offset by weakness in Energy, Oil Services and Commodity sensitive sectors. Regional... Read More
Global financial markets posted mixed performance for April, as Chinese equities posted sharp gains on record trading volume, Oil posted strong gains and the M&A environment accelerated with new transaction announcements; global equity markets posted gains for the month, despite posting sharp declines into month end. Regional equity market gains were led by Chinese and Emerging Market... Read More
Financial markets posted mixed performance in March to conclude a volatile 1Q15 which included extreme dislocations in Currency and Commodity markets, record highs for equity markets and record lows for fixed income yields. Global equity markets also posted mixed performance for March, with declines in US, Latin America and UK large cap exposures partially offset by gains in Germany, Italy, China... Read More
Global financial markets posted strong gains in February, as US & UK treasury yields posted a sharp increase and US equities posted the strongest monthly gain since October 2011. Global equity markets gains were led by Technology & Energy as the Nasdaq composite approached a 15 year high, while regional gains were led by Emerging Markets and Europe, with strong contributions from Russia,... Read More
Global financial markets experienced extreme dislocations to begin 2015, including a steep decline in bond yields, extension of steep losses in Oil & Energy Commodities, the inception of quantitative easing by the ECB and a sharp rise in the Swiss Franc. The Swiss Franc posted a sharp rise against the Euro as a result of the SNB abandonment of the currency cap to the Euro; the Euro also fell... Read More
Financial markets concluded 2014 with mixed performance in December, as Oil plunged to extend sharp declines of the previous month. Energy commodities posted sharp declines, led by both Oil and Natural Gas; Aluminum and Coffee also declined across other commodities. Global equities posted mixed declines for the month, with Energy and Commodity sensitive exposures leading sector losses, Technology... Read More
Global financial markets posted mixed performance for November, as Oil posted steep losses into month end, the US Dollar extended strong gains from the prior month and equities recovered early, intra-month declines. Oil declined steadily throughout the month of November, falling sharply with a decline of greater than 10 percent on the final trading day of the month, as OPEC maintained current... Read More
Global financial market volatility increased sharply in October, as Oil posted sharp declines, the US Federal Reserve concluded QE stimulus measures while the Bank of Japan increased their economic stimulus program; global equities pared intra-month declines to post mixed performance for the month and bond yields fell sharply. US & Asian equity markets recovered steep intra-month declines... Read More
Global financial markets ended the 3rd quarter with declines as the US Dollar surged in the month of September, driven by a combination of weak European economic data, social unrest and protests in Hong Kong and continuing geopolitical tension and military escalation in the Middle East. Despite the highly successful IPO of Chinese technology company Alibaba, global equity markets posted declines... Read More