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Weekly Market Report

15 Apr 2019

15 April 2019


The Market Last Week

Global equities ended mixed last week.

UK Markets ended the week in negative territory, as the British Pound strengthened, amid Brexit delay.

UK’s gross domestic product (GDP) unexpectedly climbed on a monthly basis in February.

Construction output surprisingly advanced on a monthly basis in February.

Industrial production rose more than market expectations in February.

Manufacturing production recorded a more-than-anticipated advance in February.

The RICS house price balance recorded an unexpected rise in March.

The Rightmove house price index rose on a monthly basis in April.

BRC like-for-like sales registered a decline on an annual basis in March.

Trade deficit narrowed less than market forecast in February.

European Markets ended mostly higher last week, as investors' shrugged off worries over Brexit.

The Eurozone’s Sentix investor confidence index jumped for the second consecutive month in April, recording its highest level since November 2018.

Industrial production in the Eurozone dropped less than market expectations on a monthly basis in February.

Germany’s consumer price inflation slowed to its lowest level since April 2018 on an annual basis in March.

Current account surplus in Germany unexpectedly narrowed in February.

Germany’s trade surplus widened more than market forecast in February.

The European Central Bank’s (ECB), in its latest monetary policy decision, held its key interest unchanged at 0.0% and maintained its forward guidance. Further, the central bank stated that it expects the key interest rates to remain at their present levels at least through the end of 2019.

ECB President, Mario Draghi, warned over the potential threats of US tariffs and Brexit to the Eurozone’s economy. Further, he stated that growth in the economy was threatened by “the persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets.”

US Markets ended the week mostly higher, amid robust US corporate results and amid optimism over US-China trade deal.

The US factory orders fell for a fourth consecutive month in February.

Durable goods orders registered a decline in February.

JOLTS job openings dropped more than market expectations to an 11-month low level in February.

The Michigan consumer sentiment index fell more than market forecast in April.

The NFIB small optimism index registered an advance in March.

The consumer price index (CPI) advanced more than market expectations on a yearly basis in March.

Monthly budget deficit narrowed more than market forecast in March.

Average weekly earnings recorded a rise on a yearly basis in March.

The producer price index (PPI) rose more than market expectations on an annual basis in March, notching its highest level in 5-months.

Initial jobless claims unexpectedly fell to its lowest level since early October 1969 in the week ended 06 April 2019.

Asian Markets ended mostly lower last week.

Australia’s ANZ Roy Morgan weekly consumer confidence index declined in the week ended 7 April 2019.

Consumer inflation expectations in Australia recorded a fall in April.

Australia’s home loan approvals rebounded on a monthly basis in February.

The Westpac consumer confidence index in Australia recorded a rise in April.

Japan’s machinery orders rose less-than-anticipated on a monthly basis in February.

China’s CPI advanced in line with market forecast on an annual basis in March.

The PPI in China rose as expected on a yearly basis in March.


Currency Update

The EUR ended firmer against the USD, amid potential increase in demand for the currency after news emerged that a Japanese bank plans to purchase a German multi-billion-dollar aviation finance business.
The British Pound ended stronger against the greenback, after the European Union agreed to postpone the Brexit deadline until 31 October 2019.
The US Dollar ended mostly weaker against its major counterparts last week, after the US Federal Reserve (Fed) indicated that it will not raise interest rates this year, citing global economic tensions.


Fed anticipates interest rates to remain unchanged this year, indicates FOMC minutes

The Fed, in its March meeting minutes, revealed that the central bank expects interest rates to remain steady this year, amid sluggish US and global economic growth and subdued inflation. Additionally, the policymakers advised that inflation might not be able to meet the bank’s longstanding target of 2.0%. Moreover, the Fed expects the growth rate of real GDP to be lower than the pace seen over 2018.


The Week Ahead

Going ahead this week, investors will keep a tab on the US advance retail sales, the Markit manufacturing and services PMI along with trade balance, industrial and manufacturing production for further direction. Additionally, the Markit manufacturing PMI across the Eurozone, the Eurozone’s construction output, current account balance, trade balance and CPI along with Germany’s PPI will attract significant investor attention. Also, the UK’s Rightmove house prices, claimant count rate, average weekly earnings, ILO unemployment rate, CPI, PPI, retail sales data and house price index will be on traders' radar.


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