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Weekly Market Report

01 Mar 2021

01 March 2021


The Market Last Week

Global equities ended weaker last week, amid concerns over rising inflation.

UK Markets ended the week in negative territory, as rising bond yields stoked fears of higher interest rates.

The CBI distributive trade survey's retail sales balance climbed in February.

Average earnings including bonus advanced more than expected in December.

The ILO unemployment rate rose to a five-year high in December.

European Markets ended the week on a negative footing, amid surge in the US Treasury yields and concerns over inflation.

Eurozone’s consumer prices advanced for the first time in 6 months in January.

In the Eurozone, the industrial confidence indicator climbed more than market forecast in February.

Eurozone’s consumer confidence index improved in February.

In the Eurozone, the economic sentiment index advanced to a one-year high in February.

Eurozone’s business climate indicator fell in February.

Germany’s Ifo business expectations index increased in February.

In Germany, the Ifo business climate index rose in February.

Germany’s Ifo current assessment index climbed in February.

In Germany, gross domestic product (GDP) grew more than initially estimated in 4Q20.

Germany’s GfK consumer confidence improved in March.

European Central Bank (ECB) President, Christine Lagarde, in her speech, indicated that the central bank is “closely monitoring” the recent rise in bond yields. Further, she stated that with around €1 trillion still left unspent in the Pandemic Emergency Purchase Programme, the ECB had “considerable firepower and flexibility”, to guide financing conditions.

US Markets ended the week in red, amid rise in the US bond yields.

The Dallas Fed manufacturing index jumped in February.

The Chicago Fed National Activity Index strengthened in January.

The CB consumer confidence improved in February.

The housing price index advanced in December.

New home sales rose more than market expectations in January.

Durable goods orders advanced above pre-pandemic levels in January.

GDP grew more than initially estimated in 4Q 2020.

Initial jobless claims dropped more than anticipated in the week ended 19 February 2021.

Personal income jumped more than market anticipations in January.

The Michigan consumer sentiment index fell less than initially estimated in February.

The Kansas Fed manufacturing activity unexpectedly advanced in February.

The Chicago Fed Purchasing Managers Index dropped in February.

Personal spending climbed less than market forecast in January.

The MBA mortgage applications fell in the week ended 19 February 2021.

Pending home sales fell in January.

The Richmond Fed manufacturing index remained unchanged in February.

Asian Markets ended weaker last week, amid concerns that rising inflation might prompt central banks to adjust their ultra-low interest rate policies.

Australia’s private sector credit demand advanced in January.

In Australia, home loan approvals rose in January.

Australia’s AiG performance of manufacturing index advanced in February.

In Australia, the Commonwealth Bank manufacturing PMI rose in February.

China’s house price index advanced in January.

In China, the Caixin manufacturing PMI index unexpectedly dropped to a 9-month low in February.

China’s NBS manufacturing PMI declined more than expected in February.

Japan’s industrial production advanced more than market anticipations in January.

In Japan, the leading economic index fell less-than-expected in December.

Japan’s coincident index dropped less than market consensus in

In Japan, the Jibun Bank manufacturing PMI advanced in February.

Japan’s construction orders climbed in January.

In Japan, the housing starts eased more than market forecast in January.

Japan’s retail trade fell in January.

In Japan, the Tokyo consumer price index (CPI) fell on an annual basis in February.


Currency Update

The EUR ended lower against the USD last week, as optimism over easing of Covid-19 lockdown restrictions faded.
The British Pound ended weaker against the greenback last week, after Britain’s unemployment rate jumped to a 5-year high in December.
The US Dollar ended stronger against its major counterparts last week, amid rise in the US Treasury yields.


Jerome Powell: Pledges to maintain ultra-easy monetary policy

Federal Reserve Chairman Jerome Powell, in his testimony, reiterated that the central bank would maintain its accommodative policy stance for the foreseeable future. Further, he pledged to provide monetary support and stated that interest rates would remain low until inflation exceeds 2%. Meanwhile, he warned that economic recovery remains uneven and far from complete, and the path ahead is highly uncertain.


The Week Ahead

Going ahead this week, investors will keep a tab on the US ISM manufacturing PMI, the Markit manufacturing PMI, construction spending, the Markit services PMI, the ISM services PMI, ADP employment change, Fed’s Beige Book, nonfarm payrolls, factory orders, initial jobless claims, Federal Reserve chair Jerome Powell’s speech, consumer credit change and the unemployment rate for further direction. Additionally, Eurozone’s Markit manufacturing PMI, European Central Bank President Christine Lagarde’s speech, the consumer price index (CPI), the Markit services PMI, the producer price index (PPI), retail sales, the unemployment rate along with Germany’s Markit manufacturing PMI, the CPI, retail sales, the unemployment rate, the Markit services PMI and factory orders will keep investors on their toes. Also, UK’s Markit manufacturing PMI, the BRC shop price index, the Markit services PMI and the Halifax house prices would garner significant amount of investor attention


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