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1. Vienna listing news

1. News Translation

Despite the stock market’s month-end decline, it was a good month overall. July was also two and a half months, with the S&P 500 hitting consecutive all-time highs in the first half. Bonds also rallied as speculation grew that the Fed would cut rates in September, especially after the US CPI report. But risk assets began to turn midway, with significant losses in the Magnificent 7, which took the index down more than -10% from peak to trough. Peaking US growth, weak CPI, and mixed second quarter earnings sparked an aggressive rotation and leadership changes. Equity outperformance expanded, with about 65% of stocks outperforming the MSCI World Index. But the rotation had an adverse impact on the concentrated large technology company sector and dragged parts of the US market lower. Meanwhile, US and European bonds rose together for the first time this year. Front-end yields fell significantly, and the market is now pricing in nearly 3 Fed rate cuts by the end of the year, with a considerable bull steepening of the curve.

1. Original News