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Weekly Market Report

29 Apr 2019

29 April 2019


The Market Last Week

Global equities ended mixed last week.

UK Markets ended the week in negative territory, amid losses in energy stocks and following dismal earnings reports.

In the UK, public sector net borrowing posted a deficit in March.

The CBI total trends orders advanced in April.

The BBA mortgage approvals unexpectedly rose in March.

European Markets closed mostly lower last week, amid signs of slowdown in the Eurozone economy, following weaker than expected economic data.

The consumer confidence index in the Eurozone unexpectedly fell in April.

In Germany, the Ifo business climate index unexpectedly declined in April, hitting its lowest level in 3 years.

The Ifo business expectations index in Germany unexpectedly dropped in April.

Germany’s Ifo current assessment index fell more than expected in April.

US Markets ended mostly higher last week, amid stronger than expected US GDP data and upbeat corporate results.

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

The Chicago Fed national activity index improved in March.

The US house price index advanced less than expected on a monthly basis in February.

The Richmond Fed manufacturing index in the US unexpectedly dropped in April.

In the US, new home sales unexpectedly jumped to a 16-month high level in March.

The US MBA mortgage applications fell in the week ended 19 April 2019.

In the US, durable goods orders jumped more than market forecast in March, notching its highest level in 7 months.

The US initial jobless claims climbed more than market expectations in the week ended 20 April 2019, recording its highest level in nearly two years.

The Kansas Fed manufacturing activity index declined more than market anticipations in April.

In the US, flash annualised gross domestic product (GDP) climbed more than market forecast on a quarterly basis in 1Q19.

The final Reuters/Michigan consumer sentiment index in the US dropped less than expected in April.

Asian Markets ended mostly lower last week.

In Japan, final machine tool orders declined on an annual basis in March.

The all industry activity index in Japan fell on a monthly basis in February.

Japanese coincident index advanced more than expected in February.

Japan’s leading economic index rose less than expected in February.

In Japan, vehicle production rose on an annual basis in February.

In Japan, housing starts unexpectedly climbed in March.

Unemployment rate in Japan rose more-than-expected in March.

In Japan, flash industrial production unexpectedly fell on a monthly basis in March.

In March, retail trade climbed on a monthly basis in Japan.

In Japan, Tokyo consumer price index (CPI) advanced on a yearly basis in April, more than market expectations.

The Bank of Japan, in its monetary policy decision, kept its benchmark interest rate unchanged at -0.1%, as widely expected. The central bank stated that extremely low rates would be maintained “at least through around spring 2020” and has committed to provide substantial stimulus to address slow growth and low inflation.

In Australia, the ANZ Roy Morgan weekly consumer confidence index climbed in the week ended 21 April 2019.

Australia’s CPI remained flat in 1Q19, lower than market expectations.

In Australia, the producer price index (PPI) recorded a rise on an annual basis in 1Q19.


Currency Update

The EUR ended lower against the USD, on the back of disappointing economic data in the euro area and US tariff threats.
The British Pound ended weaker against the greenback, amid reports that UK Prime Minister Theresa May’s meeting with the opposition party over Brexit deal had been delayed.
The US Dollar ended stronger against its major counterparts last week, after the US durable goods orders climbed to a 7-month high in March.


Economic growth reflects slower growth momentum, indicates ECB

The European Central Bank (ECB), in its latest economic bulletin, hinted that fresh round of tariffs imposed by the US on its main partners would modestly affect the region’s economic growth. The central bank also warned that global headwinds would continue to weigh on the region’s growth and noted slowdown in economic growth. Additionally, members stated that Ample degree of accommodation is still required.


The Week Ahead

Going ahead this week, investors would focus on US personal income, personal spending, the Dallas Fed manufacturing index, the consumer confidence index, pending home sales, the ISM and Markit manufacturing PMI along with the Fed’s interest rate decision, initial jobless claims and unemployment rate for further direction. Additionally, investors would also keep an eye on Eurozone’s consumer confidence index, gross domestic product, the CPI, the Markit manufacturing PMI across the euro area along with Germany’s CPI, unemployment rate and retail sales. Also, UK’s Markit manufacturing PMI and the Bank of England’s interest rate decision will be on investors' radar.


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