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Weekly Market Report

07 Jan 2019

07 January 2019


The Market Last Week

Global equities ended mostly firmer last week, amid hopes that the world’s two largest economies will resolve their trade conflict.

UK Markets ended the week in positive territory, amid optimism over US-China trade talks.

UK’s Markit manufacturing PMI unexpectedly rose in December, notching its highest level in six months.

The Markit construction PMI fell more than market forecast in December, hitting its lowest level in three months.

The BRC shop price index registered a rise on an annual basis in December.

The Markit services PMI climbed more-than-expected in December.

Mortgage approvals fell more than market forecast to a seven-month low level in November.

The Nationwide house price index unexpectedly declined on a monthly basis in December.

Consumer credit growth fell to its slowest rate since March 2015 in November.

European Markets ended higher last week.

The Eurozone’s Markit manufacturing PMI fell at par with market expectations in December, recording its lowest level since February 2016.

The Markit services PMI in Eurozone registered a more-than-anticipated decline in December.

The consumer price index (CPI) in Eurozone rose at a slower-than-expected pace on a yearly basis in December.

The annual producer price index (PPI) in Eurozone advanced less than market anticipations in November.

Germany’s Markit manufacturing PMI dropped to a 33-month low level in December.

The Markit services PMI in Germany dropped more than market consensus in December.

German unemployment rate recorded an unchanged reading in December.

US Markets ended the previous week in the green, following stronger than expected US jobs data.

The US Markit manufacturing PMI fell in December, registering its lowest level in 15 months.

The Dallas Fed manufacturing business index declined more-than-expected in December.

The ISM manufacturing PMI dropped more than market forecast in December, recording its lowest level since November 2016.

The MBA mortgage applications recorded a decline in the week ended 28 December 2018.

Initial jobless claims unexpectedly jumped to a four-week high level in the week ended 29 December 2018.

Unemployment rate unexpectedly advanced in December, notching its highest level since August 2018.

The Markit services PMI recorded a drop in December.

Average hourly earnings registered a rise on an annual basis in December.

Non-farm payrolls climbed more than market forecast in December, notching its highest level in 10 months.

The ADP private sector employment advanced more than market expectations in December, notching its highest level since February 2017.

Asian Markets ended mixed last week.

Australia’s Markit manufacturing PMI climbed in December.

In Australia, the CBA services PMI advanced in December.

Australia’s AiG performance of manufacturing index recorded a drop in December.

China’s Markit manufacturing PMI index eased in December.

The Markit services PMI in China unexpectedly climbed in December.

Japan’s final manufacturing PMI climbed in December.

In Japan, the Nikkei services PMI fell in December.


Currency Update

The EUR ended lower against the USD and the GBP, after the Eurozone’s annual inflation slowed to an 8-month low level in December.
The British Pound ended stronger against the greenback, after UK’s manufacturing index climbed to a 6-month high level in December.
The US Dollar ended mostly weaker against its major counterparts last week, after the US Federal Reserve (Fed) Chairman, Jerome Powell stated that the central bank would put its policy tightening on pause in 2019.


US Fed Chairman indicates that the central bank “will be patient” on future rate hikes

While speaking at the American Economic Association’s annual meeting, the US Fed Chairman, Jerome Powell highlighted a cautious outlook over rate hikes this year and signalled that the central bank could pause interest-rate increases, if the US economy weakened. Further, he stated that the Fed “will be patient” on future interest rate hikes, against the backdrop of low inflation and the recent stock market volatility. Meanwhile, Powell stated that he would not resign from his post, if asked to do so by President Donald Trump, who criticised him for raising rates.


The Week Ahead

Going ahead this week, investors will keep a tab on the FOMC meeting minutes, the US CPI, factory orders, the NFIB small optimism index, consumer credit, trade balance, MBA mortgage applications and monthly budget statement along with UK’s GDP, construction output, trade balance, industrial and manufacturing production for further indication. Additionally, Eurozone’s Sentix investor confidence index, retail sales, unemployment rate, consumer and economic confidence indices along with Germany’s factory orders, industrial production, trade balance and current account balance will attract significant investor attention.


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