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Weekly Market Report

20 May 2019

20 May 2019


The Market Last Week

Global equities ended mostly weaker last week, amid global growth fears.

UK Markets ended the week in positive territory.

UK’s average weekly earnings rose less than market forecast in the January-March 2019 period.

The nation’s ILO unemployment rate unexpectedly dropped in the January-March 2019 period, recording its lowest rate since the final quarter of 1974.

European Markets ended the week on a positive footing, amid speculation that the US President, Donald Trump, might delay the implementation of auto tariffs on European car imports.

The Eurozone’s industrial production declined at par with market forecast for a second consecutive month on a monthly basis in March.

The ZEW survey economic sentiment index in the Eurozone declined in May.

The Eurozone’s trade surplus narrowed more than market forecast in March.

Construction output in the Eurozone declined on a monthly basis in March.

The Eurozone’s consumer price index (CPI) rose at par with market anticipations on an annual basis in April.

Gross domestic product (GDP) in the Eurozone advanced less-than-expected on a quarterly basis in the first quarter of 2019.

ZEW survey expectations index in Germany registered an unexpected drop in May.

Germany’s ZEW survey current situation index advanced more than market forecast in May.

German GDP jumped in line with market expectations on a quarterly basis in 1Q19.

Germany’s CPI climbed in line with market forecast on an annual basis in April.

US Markets ended the week in red, amid escalating trade tensions between the US and China.

The US NFIB small optimism index jumped more than market anticipations in April.

The NAHB housing market index recorded a more-than-expected rise in May.

The Michigan consumer sentiment index unexpectedly climbed in May, notching its highest level since 2004.

The leading index advanced in line with market forecast on a monthly basis in April.

The NY Empire State manufacturing index unexpectedly climbed to its highest level in 6 months in May.

Housing starts climbed on a monthly basis in April.

Building permits recorded an advance on a monthly basis in April.

Initial jobless claims dropped more-than-expected in the week ended 11 May 2019.

The Philadelphia Fed business outlook rose more than market forecast in May.

Advance retail sales unexpectedly fell on a monthly basis in April.

Industrial production registered an unexpected drop on a monthly basis in April.

Manufacturing production unexpectedly declined in April, recording its third decline in four months.

The MBA mortgage applications slid in the week ended 10 May 2019.

Business inventories registered a flat reading in March.

Asian Markets ended weaker last week, mirroring losses in their US counterparts.

Australia’s ANZ Roy Morgan weekly consumer confidence index fell in the week ended 12 May 2019.

The NAB business conditions index in Australia registered a decline in April.

In Australia, unemployment rate unexpectedly advanced in April.

Australia’s consumer inflation expectations registered a decline in May.

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

Australia’s NAB business confidence index improved in April.

Japan’s (BOP basis) trade surplus widened less than market forecast in March.

Non-seasonally adjusted current account surplus in Japan widened less than market expectations in March.

Japan’s flash machine tool orders dropped on a yearly basis in April.

The tertiary industry index in Japan unexpectedly dropped on a monthly basis in March.

China’s industrial production advanced less than market anticipations on an annual basis in April.

Retail sales growth in China slowed to its lowest level since May 2003 on an annual basis in April.

China’s new home prices recorded a rise on a monthly basis in April.


Currency Update

The EUR ended lower against the USD, following Italian Deputy Prime Minister, Matteo Salvini’s comments that the country might break European Union budget rules, if necessary to boost employment.
The British Pound ended weaker against the greenback, after Brexit negotiations between the Conservatives and Labour party collapsed.
The US Dollar ended mostly stronger against its major counterparts last week, after Reuters/Michigan consumer sentiment jumped to a 15-year high level in the US.


China hits US with tariffs

Following the US government’s move to impose a tariff hike on $200 billion of Chinese products, the latter in retaliation announced tariff hikes on $60 billion of US goods. The finance ministry stated that China will impose tariffs on a total of 5,140 US products from 01 June.


The Week Ahead

Going ahead this week, investors will keep a tab on the FOMC meeting minutes, the US existing home sales, the Chicago Fed National activity index, the MBA mortgage applications, initial jobless claims, new home sales and durable goods orders, the Markit manufacturing and services PMI along with the UK’s CPI, Rightmove house prices, PPI, house price index, public sector net borrowing and retail sales for further direction. Additionally, the OECD economic outlook, the Eurozone’s current account balance, consumer confidence index, the Markit manufacturing and services PMI across the Eurozone along with Germany’s producer price index, GDP and the Ifo indices will be on investors’ radar.


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