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Weekly Market Report

08 Apr 2019

08 April 2019

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The Market Last Week

Global equities ended stronger last week, as geopolitical tensions eased, following progress in US-China trade negotiations.


UK Markets closed higher last week, amid optimism over delay in Brexit.

UK’s Markit services PMI fell more than market forecast in March, marking its first drop since June 2017.

The Halifax house price index climbed in the three-month period ended March, hitting its highest level in seven months.

The Markit manufacturing PMI unexpectedly jumped in March, notching its highest level in 13 months.

The Markit construction PMI recorded a rise in March.

The BRC shop price index advanced on an annual basis in March.




European Markets ended the week on a positive footing, tracking gains in its global peers.

The Eurozone’s consumer price index (CPI) rose at a slower-than-expected pace on an annual basis in March.

Unemployment rate in the Eurozone remained unchanged in February, in line with expectations.

The producer price index (PPI) in the Eurozone advanced at a slower-than-anticipated pace on a yearly basis in February.

The Eurozone’s Markit manufacturing PMI dropped in March.

Retail sales in the Eurozone rose more than market forecast on a monthly basis in February.

The Eurozone’s Markit services PMI unexpectedly rose in March.

Germany’s Markit manufacturing PMI fell to its lowest level since July 2012 in March.

Factory orders in Germany unexpectedly declined at its fastest pace in two years in February.

Germany’s Markit construction PMI recorded a rise in March.

The Markit services PMI in Germany surprised with a rise in March.

Germany’s industrial production rebounded on a monthly basis in February.




US Markets ended the week in green, as upbeat US economic data and positive developments in US-China trade talks outweighed concerns of economic slowdown.

The US advance retail sales unexpectedly dropped on a monthly basis in February.

The Markit manufacturing PMI declined more than market expectations in March.

Durable goods orders fell in February, recording its first drop in three months.

The US ADP private sector jobs rose at its slowest pace in 18 months in March.

The Markit services PMI registered a decline in March.

Average hourly earnings rose less than market forecast on an annual basis in March.

Consumer credit registered a less-than-expected advance in February.

The ISM manufacturing index rose more than market forecast in March.

Construction spending surprisingly climbed on a monthly basis in February.

Business inventories jumped more than market anticipations in January.

The MBA mortgage applications advanced in the week ended 29 March 2019, notching its highest level in two-and-a-half years.

Non-farm payrolls climbed more than market anticipations in March.

Initial jobless claims unexpectedly eased to its lowest level since early December 1969 in the week ended 30 March 2019.

Unemployment rate recorded an unchanged reading in March, in line with market forecast.




Asian Markets ended firmer last week, mirroring gains on Wall Street.

Australia’s ANZ Roy Morgan weekly consumer confidence index climbed in the week ended 31 March 2019.

Building approvals in Australia surprisingly advanced at its fastest pace in more than five years on a monthly basis in February.

Australia’s AiG performance of service index recorded a rise in March.

Retail sales in Australia rose more than market forecast on a monthly basis in February.

Australia’s trade surplus widened in February.

The AiG performance of construction index in Australia climbed in March.

Australia’s CBA services PMI registered a decline in March.

The Reserve Bank of Australia held its key interest rate unchanged at 1.5%, as widely expected.

China’s Caixin services PMI climbed more than market expectations in March.

Japan’s Nikkei Japan services PMI registered a decline in March.

Current account surplus in Japan widened more than anticipated in February.

Japan posted a trade surplus (BOP basis) in February.




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Currency Update

The EUR ended lower against the USD, after the Eurozone’s manufacturing sector activity sharply deteriorated in March.
The British Pound ended stronger against the greenback, on hopes of another Brexit extension.
The US Dollar ended mostly stronger against its major counterparts last week, as solid US jobs reports, buoyed investor sentiment.


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ECB minutes: Officials expressed concerns over economic outlook

The European Central Bank (ECB), in its March meeting minutes, expressed concerns over the ECB’s decision to maintain low rates for a prolonged period. Further, policymakers discussed that the effects of persistently low rates could lower banks' interest margins and profitability, with negative impact on banks' intermediation and financial stability in the long run. The members highlighted that persistent uncertainties continued to weigh on the growth outlook and signalled more aggressive measures to boost growth.


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The Week Ahead

Going ahead this week, investors will keep a tab on the FOMC meeting minutes, the US CPI, JOLTS job openings, PPI, monthly budget statement, the NFIB small optimism index and the Michigan consumer sentiment index along with the MBA mortgage applications, average hourly earnings, initial jobless claims, factory orders and durable goods orders for further direction. Additionally, the European Central Bank’s interest rate decision, the Eurozone’s Sentix investor confidence index and industrial production along with Germany’s CPI, trade and current account balance will also attract significant investor attention. Additionally, Britain’s gross domestic product, trade balance, construction output, the RICS house price balance, the BRC like-for-like sales, industrial and manufacturing production will be on investors’ radar.


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