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Weekly Market Report

03 Jun 2019

03 June 2019


The Market Last Week

Global equities ended lower last week, amid heightening global trade tensions.

UK Markets ended the week in negative territory, amid persistent uncertainties over Brexit deal.

In the UK, the Nationwide house price index registered an unexpected decline on a monthly basis in May.

The BBA loans for house purchase unexpectedly advanced in April.

The BRC shop price index recorded a rise on an annual basis in May.

The GfK consumer confidence index climbed to its highest level since September 2018 in May.

Net consumer credit registered an advance in April.

Mortgage approvals rose more than market expectations in April.

European Markets ended the week on a negative footing, amid renewed concerns between Rome and Brussels over public finances.

The Eurozone’s consumer confidence index rose at par with market expectations in May.

The economic confidence index in the Eurozone jumped more than market forecast for the first time in almost a year in May.

Eurozone’s business climate indicator dropped more-than-anticipated in May.

Germany’s GfK consumer confidence index unexpectedly dropped to its lowest level since May 2017 in June.

Unemployment rate in Germany unexpectedly advanced for the first time in more than five years in May.

Germany’s consumer price index (CPI) advanced less-than-expected on an annual basis in May.

In Germany, retail sales unexpectedly fell on a monthly basis in April.

US Markets ended the week in red, amid escalating tariff tensions between the US and its global trade partners.

The US economy grew less than initially estimated in 1Q19.

Advance goods trade deficit widened in April.

Initial jobless claims rose more than market expectations in the week ended 25 May 2019.

Pending home sales recorded an unexpected drop on a monthly basis in April.

The house price index rose less-than-anticipated on a monthly basis in March.

The Dallas Fed manufacturing index recorded an unexpected drop in May.

The MBA mortgage applications fell to a one-month low level in the week ended 24 May 2019.

The Richmond Fed manufacturing index advanced less than market forecast in May.

The Michigan consumer sentiment index recorded a less-than-expected advance in May.

The consumer confidence index jumped more than market expectations to a six-month high level in May.

The Chicago Purchasing Managers’ Index (PMI) registered a more-than-expected advance in May.

Personal income climbed more than market expectations in April.

Personal spending rose more than market anticipations in April.

Asian Markets ended weaker last week, mirroring losses in their US counterparts.

In Australia, the ANZ Roy Morgan weekly consumer confidence index advanced in the week ended 26 May 2019.

The AiG performance of manufacturing index in Australia declined in May.

Australia’s CBA manufacturing PMI registered a drop in May.

Private sector credit demand in Australia rose less than market forecast on an annual basis in April.

Australia’s building approvals unexpectedly dropped on a monthly basis in April.

Japan’s unemployment rate declined in line with market expectations in April.

In Japan, industrial production advanced more than market forecast on a monthly basis in April.

Japan’s Tokyo CPI recorded a less-than-expected rise on a yearly basis in May.

The final Nikkei manufacturing PMI in Japan dropped in May.

China’s NBS manufacturing PMI fell more than market anticipations in May.

The Caixin manufacturing PMI in China remained unchanged in May.


Currency Update

The EUR ended lower against the USD, following the results of the European elections.
The British Pound ended weaker against the greenback, amid rising fears of a no-deal Brexit.
The US Dollar ended mostly higher against its major counterparts last week, amid rising US-China trade worries.


ECB warns over downside risks to the growth outlook

According to the European Central Bank’s (ECB) financial stability review economic stability in the Eurozone could be weakened by slowing global economic growth. Additionally, the ECB warned that dismal growth and a possible escalation of trade tensions could trigger further drop in asset prices and potential shock to the Eurozone’s economy.


The Week Ahead

Going ahead this week, investors will keep a tab on the US ISM manufacturing index, factory orders, the ADP employment change, change in non-farm payrolls, unemployment rate, the Markit manufacturing and services PMIs along with trade balance, initial jobless claims, average hourly earnings, consumer credit, construction spending data, durable goods orders and the MBA mortgage applications for further direction. Additionally, the European Central Bank rate decision, the Eurozone’s CPI, unemployment rate, PPI, retail sales data, gross domestic product, the Markit manufacturing and services PMIs across the Eurozone along with Germany’s factory orders, industrial production, trade and current account balance will be on investors’ radar. Also, UK’s Halifax house price index, the Markit manufacturing, services and construction PMIs will attract significant investor attention.


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