TradFi markets came under-pressure with the S&P 500 selling off -0.8%
TradFi markets came under-pressure into the weekend as traders sold risk into illiquid summer Friday liquidity, with the S&P 500 selling off -0.8% with every single sub-sector in the red. The index saw its worst weekly close since March (-1.4%), though it’s coming off an incredible string of 5 consecutive weekly gains that was due for a pull-back sooner rather than later. Data-wise, manufacturing PMI data was disappointing in both the US and especially in Europe, and BoE’s 50bp hike on Thursday provided a stark reminder of the inflation headwind that Europe is still wrestling with.
