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Overview: Stocks around the globe are off to a good start in the first 10 days of 2020. Both the S&P 500 Index and emerging market stocks (MSCI EM) are up over 1% so far this year, as markets monitor tensions in the Middle East and the anticipated signing of the Phase 1 U.S.-China trade deal this week. Interest rates have traded in a narrow range over the past few months, with the 2-year and 10-year Treasuries finishing the week at 1.57% and 1.92% respectively. Global sentiment has been positive, with central banks indicating stable monetary policy. Meanwhile, geopolitical tensions are easing, at least for the time being. Investors also look forward to the resolution of Brexit, following the approval by the U.K.’s House of Commons of the Brexit Withdrawal Agreement. The bill covers terms including customs and payments to the European Union and is anticipated to be in force beginning January 31.

This Week: This week marks the beginning of the fourth-quarter earnings season. Earnings and profit reports will likely influence market momentum over the upcoming weeks. In addition, the economic calendar is chock full of reports including price and inflation data (CPI/PPI), retail sales, housing, industrial production, and consumer sentiment reports. Given that the Federal Reserve has indicated no change in interest rates for the foreseeable future, investors will take direction from these earnings and economic fundamentals.

Weekly Returns and Data

Sources: Goldman Sachs Asset Management,

This communication is for informational purposes only. It is not intended as investment advice or an offer or solicitation for the purchase or sale of any financial instrument.

Indices are unmanaged, represent past performance, do not incur fees or expenses, and cannot be invested into directly. Past performance is no guarantee of future results. 1578926129649