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Overview: Stocks were mixed on the week, as investors kept a close eye on geopolitical events and the outcome of the weekend G20 (Group of 20) summit in Tokyo. Despite concerns around a slowing global economy, trade tensions, and Federal Reserve actions, the markets finished a strong quarter and first half-year on Friday, with all major stock indexes up over 10% for the first half of 2019. July 1 starts a new quarter, with stocks up strong across the globe on news of a U.S.-China trade truce, as the two countries agreed to resume talks toward a deal. Meanwhile, interest rates fell last week, with the 2-year and 10-year Treasury finishing the week at 1.74% and 2.00% respectively. With the Fed funds rate currently at a mid-range of 2.375%, markets are now pricing in about three 25 basis point rate cuts by the end of the year. Globally, a record $13 trillion in bonds now trade at negative yields, with an accommodative monetary policy from the European Central Bank showing no signs of changing soon.

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. 2623426