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Weekly Market Report

29 Mar 2021

29 March 2021


The Market Last Week

Global equities ended mostly firmer last week, amid hopes for a swift global economic recovery.

UK Markets ended the week in positive territory, amid expectations that Britain’s rapid vaccine rollout would result in faster economic rebound.

The ILO unemployment rate unexpectedly dropped in January.

The Markit manufacturing PMI unexpectedly rose in March.

The Markit services PMI rose to a 7-month high in March.

The output producer price index (PPI) advanced more than market forecast in February.

Retail sales rose in line with market expectations in February.

Average earnings including bonus climbed less than market consensus in January.

UK’s retail price index advanced less than market anticipations in February.

UK’s consumer price inflation slowed in February.

The DCLG house price index rose less than market expectations in January.

European Markets ended the week mostly higher, following rebound in business activity and consumer confidence data.

Eurozone’s consumer confidence index advanced to a 13-month high in March.

In Eurozone, the Markit services PMI rose in March.

Eurozone’s Markit manufacturing PMI unexpectedly advanced in March.

In the Eurozone, current account surplus narrowed in January.

Germany’s Markit services PMI climbed in March.

In Germany, the Markit manufacturing PMI climbed to its highest level since April 1996 in March.

Germany’s GfK consumer confidence index improved in April.

In Germany, the Ifo business climate index advanced to its highest level since June 2019 in March.

Germany’s Ifo business expectations index unexpectedly rose in March.

In Germany, the Ifo current assessment index improved in March.

US Markets ended the week mostly firmer, amid prospects for economic recovery.

The Richmond Fed manufacturing index advanced in March.

The Markit services PMI climbed in March.

US initial jobless claims dropped to its lowest level in a year in the week ended 19 March 2021.

Annualised gross domestic product (GDP) grew more than market anticipations in 4Q20.

The Michigan consumer sentiment index climbed in March.

In the US, personal income declined less than market forecast in February.

Personal spending fell more than market anticipations in February.

Existing home sales dropped more than market consensus in February.

The Chicago Fed National Activity Index fell in February.

New home sales dropped to a nine-month low in February.

Current account deficit widened to a 12-year high in 4Q20.

US Markit manufacturing PMI rose less than market expectations in March.

Durable goods orders unexpectedly fell for the first time since April 2020 in February.

The Kansas City Fed manufacturing activity index eased in March.

Asian Markets ended mostly lower last week, amid concerns over fresh lockdown restrictions across Europe and Asia.

Australia’s Commonwealth Bank manufacturing PMI advanced in March.

Japan’s coincident index advanced in January.

Japan’s leading economic index rose in January.

Japan’s Jibun Bank manufacturing PMI climbed in March.

Japan’s Tokyo consumer price index (CPI) fell in March.

The People´s Bank of China (PBoC) kept its interest rate unchanged at 3.85%.


Currency Update

The EUR ended lower against the USD last week, amid concerns over slowdown in the Covid-19 vaccine rollout and extended lockdown restrictions across the Eurozone.
The British Pound ended weaker against the greenback last week, after the European Union threatened to impose a ban on vaccine exports to Britain.
The US Dollar ended stronger against its major counterparts last week, as the US economic growth accelerated in the fourth quarter.


Jerome Powell expects strong economic rebound this year

US Federal Reserve (Fed) Chairman, Jerome Powell, in his testimony before Financial Services Committee, stated that he expects a strong economic rebound this year, following the vaccine rollout. However, he warned that the US economic recovery is far from complete. Moreover, Powell stated that he does not expect that the $1.9 trillion stimulus package will lead to an unwelcome increase in inflation, but he emphasized that the Fed has tools to deal with rising price pressures, if necessary.


The Week Ahead

Going ahead this week, investors will keep a tab on the US housing price index, the consumer confidence index, ADP employment change, pending home sales, the Chicago Purchasing Managers' Index, initial jobless claims, the Markit manufacturing PMI, the ISM manufacturing PMI, nonfarm payrolls, average hourly earnings and the unemployment rate for further direction. Additionally, Eurozone’s services sentiment indicator, the consumer confidence index, the economic sentiment indicator, the CPI, the Markit manufacturing PMI along with Germany’s CPI, the unemployment rate, retail sales and the Markit manufacturing PMI will keep investors on their toes. Also, UK’s consumer credit balance, current account balance, GDP and the Markit manufacturing PMI would garner significant amount of investor attention.


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