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Weekly Market Report

17 Feb 2020

17 February 2020

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The Market Last Week

Global equities ended mostly firmer last week, on hopes that the coronavirus epidemic would be contained by April.


UK Markets ended the week in negative territory, amid strength in the British Pound and after British officials declared coronavirus outbreak a serious and imminent threat to public health.

Manufacturing production rose on a monthly basis in December.

Industrial production rebounded on a monthly basis in December.

Total trade surplus widened in December.

The RICS house price balance climbed more than market forecast in January.

The Rightmove house prices rose on a monthly basis in February.

Gross domestic product (GDP) remained flat on a quarterly basis in 4Q19.

The BRC like-for-like retail sales recorded a flat reading on an annual basis in January.




European Markets ended the week on a positive footing, amid upbeat corporate earnings report.

Eurozone’s economic growth economy grew at its slowest pace since early 2013 in the fourth quarter of 2019.

Industrial production in the Eurozone dropped more than market forecast on a monthly basis in December.

Eurozone’s Sentix investor confidence index unexpectedly eased in February.

Trade surplus in the Eurozone widened more than market forecast in December.

Germany’s consumer price index (CPI) climbed on an annual basis in January, marking its highest level in six months.

Economic growth in Germany remained flat on a quarterly basis in 4Q19.




US Markets ended the week in green, on hopes that the coronavirus epidemic will be contained and following robust fourth quarter earnings reports from the US corporates.

The US CPI climbed more than market anticipations on an annual basis in January.

The NFIB small business optimism index climbed more than market forecast in January.

The Michigan consumer sentiment index climbed to its highest level in almost two years in February.

The MBA mortgage applications climbed in the week ended 7 February 2020.

Initial jobless claims rose less-than-expected in the week ended 7 February 2020.

Advance retail sales climbed at par with market anticipations on a monthly basis in January.

The JOLTS job openings dropped to its lowest level in two years in December.

Monthly budget deficit unexpectedly widened in January.




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

Australia’s business confidence index recorded a rise in January.

Home loans in Australia advanced in December.

In Australia, the Westpac consumer confidence index rose in February.

Australia’s consumer inflation expectations recorded a rise in February.

The business conditions index in Australia remained unchanged in January.

Japan's gross domestic product dropped in 4Q19, recording its biggest fall in 6 years.

Japan’s machine tool orders recorded a drop on a yearly basis in January.

Industruial production in Japan rose less-than-expected on a monthly basis in December.

Japan’s tertiary index fell less than market forecast on a monthly basis in December.

The producer price index (PPI) in Japan rose more than market anticipations on an annual basis in January.

China’s house prices dropped to its lowest level in 18 months in January.




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Currency Update

The EUR ended lower against the USD last week, following dismal economic data in the Eurozone and Germany.
The British Pound ended stronger against the greenback in the previous week, as resignation of British Chancellor, Sajid Javid, revived bets that his replacement would opt for more expansionary budget next month.
The US Dollar ended mostly weaker against its major counterparts last week, after the US Federal Reserve (Fed) Chairman, Jerome Powell, stated that the central bank would use quantitative easing to fight next recession.


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Powell says Fed will use QE to combat next recession

The US Fed Chairman, Jerome Powell, in his testimony before the Joint Economic Committee of Congress, indicated that the central bank has not contemplated plans for further interest rates cuts, unless economic conditions were to change significantly. Further, he stated that the US economy appears to be resilient to global headwinds, with economic activity increasing at a moderate pace, however, the central bank is continuing to watch developments regarding the coronavirus and its impact on global growth.


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The Week Ahead

Going forward this week, investors will keep an eye on the European Central Bank’s monetary policy decision, the ZEW survey indices in the Eurozone and Germany, Eurozone’s CPI, construction output and current account balance along with Germany’s PPI and GfK consumer confidence index for further indication. Additionally, the US PPI, NAHB housing market index, building permits, housing starts, the Markit manufacturing and services PMIs along with the UK’s CPI, PPI, house price index, Rightmove house prices, the ILO unemployment rate, the CBI total trend orders, retail sales, the Markit manufacturing and services PMI will be on investors’ radar.


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