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Weekly Market Report

18 Jun 2019

18 June 2019


The Market Last Week

Global equities ended mostly firmer last week.

UK Markets ended the week in negative territory, amid Brexit woes and ongoing political tensions in the UK.

The UK’s gross domestic product (GDP) fell more than market expectations for a second consecutive month on a monthly basis in April.

Construction output recorded an unexpected drop on a monthly basis in April.

Industrial production recorded a more-than-anticipated drop for the first time this year on a monthly basis in April.

Manufacturing production dropped more-than-expected on a monthly basis in April, recording its biggest drop since June 2002.

The RICS house price balance climbed more than market expectations in May.

Average weekly earnings rose more than market forecast on a yearly basis in the February-April 2019 period.

The ILO unemployment rate remained steady at a 45-year low rate in the February-April 2019 period.

Trade deficit narrowed more than market expectations in April.

Rightmove house prices recorded a rise on a monthly basis in June.

European Markets ended mostly higher in the previous week, shrugging off worries over global economic growth.

Eurozone’s industrial production declined at its fastest pace in four months on a monthly basis in April.

The Sentix investor confidence index in the Eurozone declined sharply in June.

Germany’s consumer price index (CPI) dropped meeting market forecast on an annual basis in May.

US Markets ended the week in green, ahead of the Federal Reserve’s monetary policy outcome.

The US MBA mortgage applications advanced in the week ended 7 June 2019, notching its highest level since September 2016.

Average hourly earnings registered an advance on a yearly basis in May.

The NFIB small optimism index registered an unexpected advance to a 7-month high level in May.

The CPI rose less than market forecast on an annual basis in May.

The PPI recorded a less-than-expected advance on an annual basis in May.

Monthly budget deficit widened more than market anticipations in May.

Initial jobless claims unexpectedly climbed in the week ended 8 June 2019.

The JOLTS job openings unexpectedly dropped in April.

The Empire manufacturing index fell more than market forecast in June.

Asian Markets ended mostly weaker last week.

Japan’s final industrial production recorded a rise on a monthly basis in April.

Machinery orders in Japan unexpectedly rose on a monthly basis in April.

Australia’s consumer inflation expectations recorded an unchanged reading in June.

Unemployment rate in Australia remained steady in May.

Australia’s Westpac consumer confidence index dropped on a monthly basis in June.

The NAB business conditions index in Australia declined in May.

Australia’s NAB business confidence index recorded a rise in May.

China’s CPI rose in line with market expectations on a yearly basis in May.

The PPI in China climbed at par with market forecast on an annual basis in May.


Currency Update

The EUR ended lower against the USD, after the Eurozone’s investor confidence unexpectedly declined in June.
The British Pound ended weaker against the greenback, amid concerns that Boris Johnson will become the new British Prime Minister.
The US Dollar ended stronger against its major counterparts last week, after optimism among small US businesses rose to a seven-month high in May.


ECB President, Mario Draghi, expresses concerns over global trade tension

European Central Bank (ECB) President, Mario Draghi, in his speech, voiced concerns over the problems arising from increased trade barriers and tariffs. He stated that the central and eastern European business model has become “vulnerable to shocks to international trade and financial conditions”. Further, he warned that the global trade dispute could create headwinds for all and could get worse.


The Week Ahead

Going ahead this week, investors will keep a tab on the FOMC interest rate decision, housing starts, building permits, mortgage applications and current account balance along with initial jobless claims, the Philadelphia Fed business outlook, the leading index, existing home sales, the Markit manufacturing and services PMIs for further direction. Additionally, the Markit manufacturing and services PMIs across the Eurozone, Eurozone CPI, construction output, trade and current account balance and the consumer confidence index along with Germany’s PPI will be on investors’ radar. Also, the Bank of England’s interest rate decision, British CPI, PPI, house price index, CBI total trend orders, retail sales and public sector net borrowing will attract significant investor attention.


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