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Weekly Market Report

23 Apr 2019

23 April 2019


The Market Last Week

Global equities ended firmer last week.

UK Markets ended the week in positive territory, boosted by gains in banking sector stocks.

UK’s claimant count rate recorded a rise in March.

Average weekly earnings climbed in line with market expectations in February.

The ILO unemployment rate recorded an unchanged reading in the December-February 2019 period, recording its lowest level since 1975.

The consumer price index (CPI) advanced less than expected on an annual basis in March.

The house price index rose at its slowest pace since September 2012 on a yearly basis in March.

The non-seasonally adjusted output producer price index (PPI) advanced more than expected on a yearly basis in March.

The retail price index climbed less than market forecast on an annual basis in March.

Retail sales jumped more than market consensus on a yearly basis in March.

European Markets ended the week on a positive footing, as investors shrugged off weak PMI data across the euro bloc.

Eurozone’s ZEW survey economic sentiment index jumped in April.

In the Eurozone, the CPI climbed at par with market forecast on an annual basis in March.

Eurozone’s seasonally adjusted trade surplus widened in February, notching its highest level in 11 months.

In the Eurozone, the flash manufacturing PMI advanced less than market anticipations in April.

Construction output in the Eurozone registered an advance on a monthly basis in February.

In Germany, the preliminary manufacturing PMI rose less than expected in April.

Germany’s ZEW survey current situation index declined more than market forecast in April.

In Germany, the PPI rose less than market consensus on a yearly basis in March.

The ZEW survey expectations index in Germany recorded a more-than-expected rise in April.

US Markets ended mostly higher last week, amid robust corporate earnings in the US.

The US industrial production unexpectedly declined on a monthly basis in March.

The NY Empire State manufacturing index advanced more than market anticipations in April.

The NAHB housing market index climbed in line with market expectations in April.

Manufacturing production recorded a steady reading in March.

The MBA mortgage applications dropped on a weekly basis in the week ended 12 April 2019.

The US trade deficit unexpectedly narrowed in February, marking its lowest level since June 2018.

The Chicago Fed National Activity Index in the US advanced in March.

Housing starts in the US unexpectedly dropped in March.

Building permits in the US unexpectedly declined in March.

In the US, advance retail sales increased more than market forecasts in March.

The Markit services PMI in the US declined more than market forecast in April.

In the US, existing homes sales fell more than market forecast in March, hitting its lowest level since 2015.

Asian Markets ended stronger last week, tracking gains in their global peers.

Australia’s ANZ Roy Morgan weekly consumer confidence index climbed in the week ended 14 April 2019.

In Australia, the NAB business confidence index eased in 1Q19.

Unemployment rate in Australia climbed in March.

The Westpac leading index in Australia rose on a monthly basis in March.

The Reserve Bank of Australia, in its April meeting minutes, indicated that there was no strong case for a near-term adjustment in monetary policy. However, officials suggested that a rate cut would be appropriate, if inflation remained low and unemployment increased.

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

Industrial production in China jumped on an annual basis in March.

China’s retail sales rose higher than market expectations on a yearly basis in March.

Gross domestic product (GDP) in China rose in line with market expectations on a quarterly basis in 1Q 2019.

Japan’s merchandise (total) trade surplus widened more than expected in March.

Japan’s industrial production fell on a yearly basis in February.

In Japan, the national CPI increased on a yearly basis in March, in line with market expectations.


Currency Update

The EUR ended lower against the USD, following weaker than expected manufacturing PMI data in the euro area.
The British Pound ended weaker against the greenback, despite strong UK retail sales.
The US Dollar ended stronger against its major counterparts last week, after the US trade deficit narrowed to an 8-month low in February.


US economic activity expands at a ‘slight-to-moderate’ pace, indicates Fed's Beige Book

The US Federal Reserve's (Fed) Beige Book reported that economic activity in the US expanded at a “slight-to-moderate” pace in March and early April, despite strengthening in a few regions. Additionally, the report indicated that labour market remained tight and trade-related uncertainty weighed on the manufacturing activity. On the outlook front, the Fed stated that there was little change in the economic outlook, with contacts in reporting districts expecting slight-to-modest growth in the months ahead.


The Week Ahead

Going ahead this week, investors will keep a tab on the US gross domestic product, house price index, new home sales, the MBA mortgage applications, durable goods orders, initial jobless claims and the Michigan consumer sentiment index along with the Richmond Fed manufacturing index for further indication. Additionally, the Eurozone’s consumer confidence index along with Germany’s Ifo sentiment indices will be on traders' radar. Also, the UK public sector net borrowing and the BBA loans for house purchase will attract significant investor attention.


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