Market Action

• U.S. equities have ended each of the past 9 sessions lower, the longest losing streak since 1980. While employment data came in slightly below expectations on Friday, most of the negative sentiment is being attributed to a volatile election season.
• The British pound found renewed strength this week. First, Bank of England Governor Mark Carney announced his intention to stay on board through Brexit. Second, a high court ruled that Theresa May needs Parliamentary approval to invoke Article 50 and formally leave the EU.
• Egypt floated its currency and subsequently hiked interest rates this week. The moves were intended to address currency imbalances and attain a loan from the IMF.
• Economic activity in China is stabilizing according to multiple surveys released this week. Both government and private surveys showed growth in the manufacturing sector while services also came in much stronger.
• While employment figures were weaker than forecasted, earnings over the past year grew by a post-crisis high of 2.8%.
• The Turkish lira hit a new low and bond yields rose to a recent high as the government implemented additional crackdown measures.
• Korean stocks have shed over $15 billion in market capitalization as a result of the government corruption scandal, directly implicating the Prime Minister.

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