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Weekly Market Report

14 Jan 2019

14 January 2019

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The Market Last Week

Global equities ended firmer last week, amid progress in US-China trade negotiations.


UK Markets ended the week in positive territory, buoyed by gains in homebuilding sector stocks and amid reports that the Brexit deadline might be delayed beyond 29 March 2019.

UK’s Halifax house price index jumped more than market forecast on a monthly basis in December.

Construction output rebounded on a monthly basis in November.

Britain’s GDP growth slowed to a six-month low level in the three months to November.

Trade deficit narrowed less than market forecast in November.

Industrial production recorded an unexpected drop on a monthly basis in November.

Manufacturing production unexpectedly declined on a monthly basis in November.

The BRC like-for-like sales recorded a more-than-anticipated drop on a yearly basis in December.




European Markets ended the week on a positive footing, amid US-China trade war developments.

Eurozone’s retail sales registered a more-than-expected advance on a monthly basis in November, recording its second consecutive rise.

Unemployment rate in the euro area unexpectedly dropped in November, marking its lowest rate since October 2008.

In the Eurozone, the Sentix investor confidence index fell for a fifth consecutive month in January, marking its lowest level since December 2014.

Business climate indicator in the Eurozone eased more than market expectations in December.

In December, the consumer confidence index registered a decline in the Eurozone.

Eurozone’s economic confidence index fell more-than-anticipated in December, marking its lowest level since January 2017.

Germany’s factory orders dropped in line with market anticipations on a monthly basis in November.

In Germany, industrial production fell more than market forecast on an annual basis in November.

Current account surplus in Germany widened less than market forecast in the same month.

Monthly retail sales in Germany rebounded more than market expectations and at its fastest pace in seven months in November.

German trade surplus widened in November.




US Markets ended the week in green, amid easing US-China trade conflict and following dovish comments from the US Federal Reserve (Fed) on future interest rate hikes.

The US consumer price index (CPI) climbed in line with market expectations on an annual basis in December.

Average hourly earnings recorded a rise on a yearly basis in December.

Consumer credit climbed more than market anticipations in November, marking its second consecutive monthly gain.

The NFIB small optimism index eased less than market forecast in December.

The MBA mortgage applications rebounded in the week ended 4 January 2018.

Initial jobless claims dropped more than market expectations in the week ended 5 January 2019.

The ISM non-manufacturing PMI declined more than market expectations in December.

The JOLTS job openings registered a more-than-expected decline in November, recording its lowest level in five months.




Asian Markets ended firmer last week, mirroring gains in their US counterparts.

Australia’s seasonally adjusted trade surplus narrowed more-than-expected in November.

The AiG performance of services index in Australia registered a drop in December.

Australia’s seasonally adjusted building approvals registered a more-than-expected drop on a monthly basis in November.

The AiG performance of construction index in Australia dropped in December.

Australia’s seasonally adjusted retail sales registered a more-than-expected rise on a monthly basis in November.

China’s CPI recorded a less-than-anticipated rise on an annual basis in December.

The producer price index (PPI) in China advanced on a yearly basis in December, less than market expectations.

In China, trade surplus widened more than market forecast in December.

Japan’s trade deficit (BOP basis) widened less-than-anticipated in November.

Non-seasonally adjusted current account surplus in Japan narrowed less-than-expected in November.

Japan’s overall household spending slid on an annual basis in November.




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Currency Update

The EUR ended firmer against the USD last week, after the Eurozone’s unemployment rate unexpectedly fell to its lowest rate since October 2008 in November.
The British Pound ended stronger against the greenback in the previous week, amid reports that the British government was more likely to delay its key Brexit vote.
The US Dollar ended weaker against its major counterparts last week, after the Fed revealed that officials would remain patient on future interest rate hikes.


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The Fed will remain patient on further rate hikes, indicates FOMC minutes

The FOMC December meeting minutes revealed that the Fed will remain “patient” on further interest rate hikes, due to volatility in financial markets and concerns over global economic growth. Further, the officials expressed uncertainty over timing of future rate increases. Additionally, the Fed lowered its interest rate projection for 2019 to two from three.


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The Week Ahead

Going ahead this week, investors will keep a tab on the US Fed's Beige Book report, the US PPI, the MBA mortgage applications, business inventories, the NAHB housing market index, housing starts and building permits along with initial jobless claims, the Michigan consumer sentiment index, Philadelphia Fed business outlook, industrial and manufacturing production for further indication. Additionally, the Eurozone’s GDP, CPI, industrial production, trade balance, construction output, current account balance and Germany’s CPI along with UK’s CPI, PPI, house price index, BBA mortgage loans and retail sales data will attract significant investor attention.


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