Market Comment | The S&P 500 reaches a record high

Summary

A dose of trade optimism improved market risk sentiment after the U.S. President Trump said the phase one trade deal with China may be signed ahead of schedule.

Key points

• Key points:
• Sovereign bond yields rose with their yield curve steepening.
• The sterling strengthened marginally, but the GBPUSD 3M implied volatility increased after the EU agreed to grant the UK a flexible three-month Brexit delay.
• EM currencies appreciated across the board.
• Global stock markets inched up.

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