Weekly Market Focus. 05 September Follow us on LinkedIn. Weekly Market Focus 05 September 2018 CONTENTS
|
|
- Collin Leonard
- 5 years ago
- Views:
Transcription
1 Weekly Market Focus 05 September 2018 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 4 Calendars... 5 Contacts... 6 Disclaimer... 7 Follow us on LinkedIn H i n d u j a B a n k ( S w i t z e r l a n d ) L t d 1
2 ASSET CLASS REVIEW US stock market Large-cap equities have generally continued to make headway in the US since the end of July, despite the fact that they have fallen in much of the rest of the developed world. This has occurred even though the dollar has strengthened against other major currencies, which would normally coincide with US equities underperforming their peers in other advanced economies. This divergence is probably the result of worries about US protectionism. Safe-haven flows stemming from these concerns have supported the dollar. And investors seem to have concluded that protectionism is less of a threat to US-based firms than those in other advanced economies, so US equities have continued to climb as US economy has remained in good health, boosting expectations for earnings. Historically, equities in the US and other advanced economies have rarely moved in opposite directions for long. We think that this time will be no exception, as US equities also come under pressure. In our opinion, China s response to further US tariffs will take a greater toll on the US stock market. Government Bonds In the US and Germany, the yield of 10-year government bonds has fallen by about 10bp since the end of July. In the UK, the yield appears to have risen by a similar amount. But this just reflects a change of benchmark. The yield of the previous benchmark has actually fallen. This is not the case in Japan, though, where the yield has indeed risen by 5bp since the BoJ tweaked the wording of its language in relation to its target for the yield, implying that it may allow the yield to fluctuate more around zero percent. The rally in US, German and UK 10-year government bonds has probably continued to be driven by concerns about a global trade war. Estimates of risk-neutral Treasury yields and term premiums support this view. Since the end of July, term premiums are estimated to have fallen significantly across the yield curve. By contrast, risk-neutral yields are estimated to have risen slightly. Analysts are not convinced that the 10-year yield in the US has peaked yet, partly because there is still some scope for rising interest rate expectations to push it up this year. Credit Markets The credit spreads of US corporate bonds have risen slightly since the end of July. The average option-adjusted spread (OAS) over US Treasuries of investment-grade bonds has climbed from just over 115bp to a little above 120bp. Meanwhile, the average OAS over US Treasuries of speculativegrade bonds has increased from slightly more than 345bp to nearly 350bp. Some analysts think that growth will slow in the US next year, without forecasting a recession. If they are right, spreads are unlikely to balloon in the way that they did a decade or so ago when the economy slumped. But corporate bond yields should increase significantly, as they have tended to do in the past ahead of economic downturns. Other things could also put upward pressure on spreads in the meantime. In the past, the trigger has often come out of the blue. Examples include the LTCM (Long Term Capital Management) crisis in the late 1990s, and the corporate accounting scandals of the early 2000s. Meanwhile, credit spreads have also climbed on average in the euro-zone, but edged down very slightly in the UK, since the end of July. H i n d u j a B a n k ( S w i t z e r l a n d ) L t d 2
3 FOREX CHF EUR GBP USD JPY INR A bout of safe-haven demand has prompted a sharp appreciation in the Swiss franc in August, moving it further away from the symbolic CHF 1.20: EUR level it depreciated earlier in the year. A further appreciation seems unlikely as political risk in the euro area recedes and the European Central Bank signals moves towards tighter policy in the euro zone. This move in EUR/CHF may make the SNB more cautious about moving away from its loose policy stance. For some time now EUR/USD has been languishing in the area of That may well continue for some time. One possible reason for the current EUR strength is also coming to an end: Eurozone is losing momentum. That is not the end of the world and is likely to improve as soon as next year. But at least there is no real economic reason for additional EUR strength. The pound fell a fourth day against the dollar as investors turned their attention to Bank of England Governor Mark Carney s testimony to the Treasury Select Committee later, amid speculation he plans to extend his term, following reports that he is in talks about remaining in the role beyond his planned departure date next June. It takes the view that the policy continuity that would ensue under Governor Carney extending his term would be supportive for sterling (and short-term U.K. rates) as it would reduce a source of policy uncertainty over the next 3-6 months. The greenback is gaining ground on a risk-off atmosphere emerging from Emerging Market. Argentina is the center of the attention. The troubles in Emerging Markets push the US Dollar higher on a risk-off atmosphere. The big elephant in the room remains the No. 1 Emerging Market and the world s second-largest economy: China. The US is set to impose whopping tariffs worth $200 billion of Chinese good as early as September. The move would serve as a severe escalation in the trade wars. US President Donald Trump cut off a planned media outing on Monday to make phone calls related to trade. Weak inflation points to continued low interest rates. The fact that the inflation trend in Japan has weakened in recent months evidently confirmed this assumption. In June, the core rate based on consumer prices was only 0.2%. At its July meeting the central bank lowered its inflation forecasts again on the back of the weak price trend. As the BOJ wants to maintain its expansionary approach until inflation has even exceeded its 2% target temporarily, enabling it to anchor inflation expectation at a higher level. It is admittedly difficult to predict the timing of the upward movement in USD/JPY and EUR/JPY. GDP grew 8.2% in Q2. That beats the 7.6% median estimate. Indian economy has continued recovery sharply from demonetisation-gst slump last year and a strong growth augurs well for the rupee assets. However, turmoil in Emerging Market as well as high oil prices are bigger factors that can continue to drive the rupee away from domestic positive factors. H i n d u j a B a n k ( S w i t z e r l a n d ) L t d 3
4 VIEWS FROM THE TRADING FLOOR Equity S&P was flat on the last week, with a slight increase in volatility from to No significant (more than 5%) rise last week, while on the downside we found copper and tire & rubber both down more than 8% and gold was down 6%. It is now official, we are not only at the highest historical level, we are also in the longest bull market (3466 days) as we are now a few days longer than the internet bull market. Though it is the longest in history, it is not the strongest as we are only up 330% while it was 417% for the internet one. On the economical side, investors will watch closely the monthly employment report released on Friday. S&P 500: The index still remains on track to reach its first target Any correction should test the 2873 support. A break of this level will lead to the 2800 support before 2740 (the bottom of the uptrend initiated in February 2016). Eurostoxx 50: The index is back on its 3340 support and testing it. As long as the index will stay in the range there is not much to expect. The lower part of the range is a good buying point on the long term while 3525 is take profit level. A break below 3310 should lead to 3261 before EQUITY Developed countries Total return - 1 Week SMI -2.1% Euro Stoxx % DAX -3.5% FTSE % S&P % Dow Jones -0.3% Nikkei % Developing countries Russia/Micex -0.6% India/Nifty % China (HK) -3.9% FIXED INCOME Developed countries 2-year Yield 10-year Yield USA 2.7% 2.9% UK 0.8% 1.5% Germany -0.6% 0.4% France -0.4% 0.7% Italy 1.0% 3.2% Spain -0.3% 1.4% Switzerland -0.8% -0.1% Developing countries 2-year Yield 10-year Yield Russia 3.9% 5.0% - Upward move - Downward move COMMODITIES Total return - 1 Week Crude Oil 1.4% Gold -1.4% H i n d u j a B a n k ( S w i t z e r l a n d ) L t d 4
5 CALENDARS Economic Events Date of release Domicile Event Period Actual Estimated 5 Sept 2018 US Initial Jobless Claims September 213k 213k 5 Sept 2018 US Unit Labour Costs 2Q -0.9% -0.9% 5 Sept2018 Germany 7 Sept 2018 Spain Current account balance Industrial output YoY July 20.0b 26.2b July 0.5% 1.3% H i n d u j a B a n k ( S w i t z e r l a n d ) L t d 5
6 Contacts Geneva Headquarters Hinduja Bank (Switzerland) Ltd Place de la Fusterie 3bis 1204 Geneva, Switzerland Tel Fax Branches Zurich Florastrasse Zurich, Switzerland Tel Fax Lugano Viale Serafino Balestra Lugano, Switzerland Tel Fax Representative Office London Room no: 117, First Floor, Regus, 100 Pall Mall, London SW1Y5NQ Tel Subsidiaries Switzerland Rowena AG Grenzstrasse St Margrethen, Switzerland Tel Fax Dubai Hinduja Bank (Middle East) Ltd Dubai International Financial Centre Building GV 10, 2nd Floor, Office 205 Dubai, UAE Tel Mauritius Hinduja India Mauritius Holdings Ltd HBS Trust Services (Mauritius) Ltd 4th Floor, The AXIS 26 Bank Street, Ebene Mauritius Tel UK Amas Investment & Project Services Ltd Room no: 117, First Floor, Regus, 100 Pall Mall, London SW1Y5NQ Tel Fax India Paterson Securities Pvt Ltd Bhavani Mansion 3, 4th Lane Nungambakkam High Road Chennai - 34 India Cayman Island Hinduja Bank & Trust (Cayman) Ltd c/o P.O. Box 2407GT Grand Cayman Cayman Islands H i n d u j a B a n k ( S w i t z e r l a n d ) L t d 6
7 Publisher Hinduja Bank (Switzerland) Ltd Place de la Fusterie 3 bis 1204 Geneva, Switzerland Tel Fax info@hindujabank.com Disclaimer The information in this publication was developed using data which Hinduja Bank (Switzerland) Ltd assumes to be accurate; nevertheless, Hinduja Bank (Switzerland) Ltd accepts no liability and offers no guarantee. The availability of such information does neither constitute a recommendation nor a solicitation to buy or sell any of the products and services discussed herein. Statements made in this publication can be changed without prior notice. The Bank or its subsidiaries or affiliates cannot be engaged in any legal action, claim or dispute for any result, performance, losses or any other reason linked to any information provided in this document. Moreover, the content is not intended for individuals (or entities) who (which), by reason of their nationality or domicile or for any other reason, are subject to foreign regulations prohibiting access to banking services or investment instruments via one or several distribution channels, or prohibiting or restricting the use of any information provided in this document. Hinduja Bank (Switzerland) Ltd, Geneva 2018 H i n d u j a B a n k ( S w i t z e r l a n d ) L t d 7
Weekly Market Focus. 26 September Follow us on LinkedIn. Weekly Market Focus 26 September 2018 CONTENTS
Weekly Market Focus 26 September 2018 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 4 Calendars... 5 Contacts... 6 Disclaimer... 7 Follow us on LinkedIn H i n d u j a B a
More informationWeekly Market Focus. 12 September Follow us on LinkedIn. Weekly Market Focus 12 September 2018 CONTENTS
Weekly Market Focus 12 September 2018 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 4 Calendars... 5 Contacts... 6 Disclaimer... 7 Follow us on LinkedIn H i n d u j a B a
More informationWeekly Market Focus. 10 October Follow us on LinkedIn. Weekly Market Focus 10 October 2018 CONTENTS
Weekly Market Focus 10 October 2018 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 5 Calendars... 6 Contacts... 7 Disclaimer... 8 Follow us on LinkedIn H i n d u j a B a n
More informationWeekly Market Focus. 06 February Follow us on LinkedIn. Weekly Market Focus 06 February 2019 CONTENTS
Weekly Market Focus 06 February 2019 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 4 Calendars... 5 Contacts... 6 Disclaimer... 7 Follow us on LinkedIn H i n d u j a B a n
More informationWeekly Market Focus. 27 February Follow us on LinkedIn. Weekly Market Focus 27 February 2019 CONTENTS
Weekly Market Focus 27 February 2019 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 4 Calendars... 5 Contacts... 6 Disclaimer... 7 Follow us on LinkedIn H i n d u j a B a n
More informationWeekly Market Focus. 04 April Follow us on LinkedIn. Weekly Market Focus 04 April 2018 CONTENTS
Weekly Market Focus 04 April 2018 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 4 Calendars... 5 Contacts... 6 Disclaimer... 7 Follow us on LinkedIn H i n d u j a B a n k
More informationWeekly Market Focus. 07 February Follow us on LinkedIn. Weekly Market Focus 07 February 2018 CONTENTS
Weekly Market Focus 07 February CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 4 Calendars... 5 Contacts... 6 Disclaimer... 7 Follow us on LinkedIn H i n d u j a B a n k (
More informationWeekly Market Focus. 29 August Follow us on LinkedIn. Weekly Market Focus 29 August 2018 CONTENTS
Weekly Market Focus 29 August 2018 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 5 Calendars... 6 Contacts... 7 Disclaimer... 8 Follow us on LinkedIn H i n d u j a B a n k
More informationWeekly Market Focus. 04 October Follow us on LinkedIn. Weekly Market Focus 04 October 2017 CONTENTS
Weekly Market Focus 04 October 2017 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 5 Calendars... 6 Contacts... 7 Disclaimer... 8 Follow us on LinkedIn H i n d u j a B a n
More informationWeekly Market Focus. 03 October Follow us on LinkedIn. Weekly Market Focus 03 October 2018 CONTENTS
Weekly Market Focus 03 October 2018 CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 5 Calendars... 6 Contacts... 7 Disclaimer... 8 Follow us on LinkedIn H i n d u j a B a n
More informationWeekly Market Focus. 17 May 2017 H IN D UJ A B ANK S W IT Z E RL A ND. Follow us on LinkedIn. Weekly Market Focus - 17 May 2017 CONTENTS
Weekly Market Focus 17 May 2017 H IN D UJ A B ANK S W IT Z E RL A ND CONTENTS Asset class review... 2 Forex... 3 Views from the trading floor... 4 Calendars... 5 Contacts... 6 Disclaimer... 7 Follow us
More informationWeekly Market Focus. 21 June Follow us on LinkedIn. Weekly Market Focus - June 2017 CONTENTS
Weekly Market Focus - June Weekly Market Focus 21 June HINDUJA BANK SWIT ZERLAND CONTENTS Asset class review...2 Forex...3 Views from the trading floor...5 Calendars...6 Contacts...7 Disclaimer...8 Follow
More information[ ] WEEKLY CHANGES AGAINST THE USD
January 15, 2018 [ ] MACRO & MARKETS COMMENTARY» The European central bank (ECB) has indicated it should revisit its communication stance in early 2018, according to the ECB s minutes of December meeting
More informationCanada's equity market lagging world markets
Let's Talk Charts August 30, 2017 Canada's equity market lagging world markets Chart of the Day S&P/TSX Composite MSCI World 90 This chart compares the relative performance of the S&P/TSX Composite with
More informationInternational Financial Market Report
Financial and Banking Operations Department - International Reserves Management Division - International Financial Market Report 9-13 July Podgorica, 18 July FX NEWS EUR/USD Over the first two days of
More informationGESTION DE RISQUES FINANCIERS FINANCIAL RISK MANAGEMENT
GESTION DE RISQUES FINANCIERS FINANCIAL RISK MANAGEMENT 2019-03 / Market Commentary Bonjour, Here s our take on currency movements for the coming weeks. Although struggling, the Canadian economy could
More information[ ] WEEKLY CHANGES AGAINST THE USD
February 12, 2018 [ ] MACRO & MARKETS COMMENTARY» In the early hours of last Friday, U.S Congress approved a major budget deal that opens the door for more increase in defense and non-defense spending
More informationINDEX. Forex market outlook Donald Trump s rise and impact on the US dollar. Fed s policy and their hawkish stance
FOREX MARKET OUTLOOK 2018 1 INDEX Forex market outlook 2018 Donald Trump s rise and impact on the US dollar Fed s policy and their hawkish stance EUR/USD s recovery and Euro zone s political challenges
More information[ ] WEEKLY CHANGES AGAINST THE USD
February 19, 2018 [ ] MACRO & MARKETS COMMENTARY» Last week, Global stock markets witnessed one of their best weeks in almost six years after two consecutive weeks in the red. The last week rally was mainly
More informationWEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY
July 03, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» Central banker s comments dominated
More informationWEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY
July 31, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» Federal Open Market Committee (FOMC)
More information[ ] MACRO & MARKET COMMENTARY. » U.S. started the process to draft plans on a further $200 billion in Chinese
July 16, 2018 [ ] MACRO & MARKET COMMENTARY» U.S. started the process to draft plans on a further $200 billion in Chinese imports after tensions between the two largest economies in the world intensified,
More informationMarket Watch. Latest monthly commentary from the Investment Markets Research team at BT. March Review Developments in Financial Markets
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. March Review 2018 INSIDE THIS ISSUE Stock markets were blindsided on the first day of March, when US President Donald
More informationWEEKLY CHANGES AGAINST THE USD
December 04, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» The U.S senate passed the long-awaited
More informationQuarterly market summary 4th Quarter 2018
POOLED PENSIONS Quarterly market summary 4th Quarter 2018 Economic overview As the quarter progressed, investors became increasingly concerned about the outlook for the world economy. The perception was
More information[ ] WEEKLY CHANGES AGAINST THE USD. » The Bank of England raised its benchmark interest rate to its highest level in MACRO & MARKET COMMENTARY
August 06, 2018 [ ] MACRO & MARKET COMMENTARY» The Bank of England raised its benchmark interest rate to its highest level in almost a decade. Raising the interest rate is suggesting that inflation continues
More informationInternational Financial Market Report
Financial and Banking Operations Department - International Reserves Management Division - International Financial Market Report 17-21 September Podgorica, 26 September FX NEWS EUR/USD EUR/GBP The EUR/USD
More informationGuaranteed Investment Fund
Guaranteed Investment Fund As at 30th September 2018 Management of some of the Guaranteed Investment Fund tranches was transferred from Insight Investment to St Andrews Life Assurance (SALA). The tables
More informationSwiss Quarterly: On the right track
Economic and Financial Analysis 10 July 2018 Global Economics 10 July 2018 Article Swiss Quarterly: On the right track Even though Switzerland s real GDP growth lost some momentum, the outlook is positive
More informationQuarterly Macro Report
Quarterly Macro Report 3rd Quarter 218 Even though forward-looking indicators for the industrialized countries still point to an acceleration of growth, the outlook for the global economy has deteriorated
More informationWEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY
July 17, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» The Federal Reserve (FED) might be
More informationASSET ALLOCATION MONTHLY BNPP AM Multi Asset, Quantitative and Solutions (MAQS)
FOR PROFESSIONAL INVESTORS 4 June 2018 ASSET ALLOCATION MONTHLY BNPP AM Multi Asset, Quantitative and Solutions (MAQS) DIGESTING RISKS FROM ITALY, GLOBAL GROWTH AND EM Asset allocation overview: Christophe
More informationFX BRIEFLY. 10 October Helaba Research. Performance on a month-over-month basis
Helaba Research FX BRIEFLY 10 October 2018 AUTHOR Christian Apelt, CFA phone: +49 69/91 32-47 26 research@helaba.de EDITOR Claudia Windt PUBLISHER: Dr. Gertrud R. Traud Chief Economist/ Head of Research
More informationHINDUJA BANK (SWITZERLAND) LTD BUILDING WEALTH, ENABLING ENTERPRISE WEEKLY MARKET COMMENTS INDIA. 29 August2016
BUILDING WEALTH, ENABLING ENTERPRISE WEEKLY MARKET COMMENTS INDIA 29 August2016 WEEKLY MARKET COMMENT - INDIA Summary The Indian markets declined this week in line with the cautious mood in the global
More informationWEEKLY CHANGES AGAINST THE USD
October 09, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» The storm impacted job report showed
More informationIncreasing Risk of Medium-Term Correction Within Ongoing Bull Market
Increasing Risk of Medium-Term Correction Within Ongoing Bull Market This is a Markets Now Seminar March 27 th 2017 By David Fuller fullertreacymoney.com The Caledonian Club 9 Halkin Street London SW1Y
More information[ ] WEEKLY CHANGES AGAINST THE USD
February 26, 2018 [ ] MACRO & MARKETS COMMENTARY» Federal Reserve officials see the economic growth and the acceleration of inflation as a good signal to continue to raise interest rate gradually over
More information[ ] WEEKLY CHANGES AGAINST THE USD
January 22, 2018 [ ] MACRO & MARKETS COMMENTARY» The U.S economy and inflation expanded at a Modest to Moderate pace during December 2017, while wages continued to push higher according to the Federal
More informationINVESTMENT REVIEW Q2 2018
INVESTMENT REVIEW Q2 2018 OVERVIEW Surveys and hard data show the global economy growing at a healthy pace with minimal inflation risk. Activity accelerated in Q2 and our expectation of 3.4% GDP growth
More informationEconomic and Portfolio Outlook 4th Quarter 2014 (Released October 2014)
Economic and Portfolio Outlook 4th Quarter 2014 (Released October 2014) Our economic outlook for the fourth quarter of 2014 for the U.S. is continued slow growth. We stated in our 3 rd quarter Economic
More informationQuarterly market summary
Quarterly market summary 4th Quarter 2016 Economic overview Economies around the world appear to be relatively resilient, with data signalling that in many countries, economic activities are expanding
More informationGlobal PMI. Solid Q2 growth masks widening growth differentials. July 7 th IHS Markit. All Rights Reserved.
Global PMI Solid Q2 growth masks widening growth differentials July 7 th 2017 2 Widening developed and emerging world growth trends The global economy enjoyed further steady growth in June, according to
More informationMarket Insight Economy and Asset Classes December Oil Prices Downtrending: The Real Global Economic Stimulus
Market Insight Economy and Asset Classes December 2014 Oil Prices Downtrending: The Real Global Economic Stimulus 2 Equities Markets Feature In Citi analysts view, the expansion phase the US are enjoying
More informationThe Prospects Service
The Prospects Service LEADING ECONOMIC ANALYSIS, FORECASTS AND DATA Global Prospects, January 2017 Toplines The world economy remains in a stage of heightened uncertainty, with ongoing Brexit negotiations,
More informationInternational Financial Market Report
Financial and Banking Operations Department - International Reserves Management Division - International Financial Market Report (20-24 August ) Podgorica, 30 August FX NEWS EUR/USD EUR/GBP On Monday the
More information[ ] WEEKLY CHANGES AGAINST THE USD MACRO & MARKET COMMENTARY. » Emerging Market had another unstable week as plunging currencies promoted
June 11, 2018 [ ] MACRO & MARKET COMMENTARY» Emerging Market had another unstable week as plunging currencies promoted central bank to act accordingly. The Central Bank of Turky and The Reserve Bank of
More informationINVESTMENT OUTLOOK March 2016
Austrasse 56 P.O. Box 452 94 Vaduz, Liechtenstein asset@imt.li www.imt.li INVESTMENT OUTLOOK 03.2016 19 March 2016 Since mid-february markets have calmed significantly and risky assets have enjoyed a clear
More informationGlobal PMI. Global economic growth kicks higher at start of fourth quarter but outlook darkens. November 14 th 2016
Global PMI Global economic growth kicks higher at start of fourth quarter but outlook darkens November 14 th 2016 2 Global PMI at 11-month high in October Global economic growth kicked higher at the start
More informationWeekly Review August 17, 2018
Weekly Review August 17, 2018 Key Economic News International Domestic According to a flash report from Eurostat, Eurozone s Gross Domestic Product (GDP) grew 0.4% sequentially in the second quarter as
More informationThe Forex Market in March 2007
1 The Forex Market in March 2007 US Dollar : USD The US dollar in March continued to weaken from prior month compared with the euro and the yen with exchange rates averaging at US$ 1.3251 per euro and
More informationCurrency Daily
Currency Daily 3-11-217 Market commentary Indian rupee has continued to trade firm for the third-straight session, gaining another 1paise to close at a fresh 2-month high of 64.31 against the U.S. dollar
More informationSYSTEMATIX SHARES AND STOCKS (INDIA) LIMITED PCG Research
SYSTEMATIX SHARES AND STOCKS (INDIA) LIMITED PCG Research Daily Forex Report as on Wednesday, August 01, 2018 Emerging Markets Indices Close % Chg. BSE SENSEX 37607 0.30 S&P CNX Nifty 11357 0.33 Bovespa
More informationweekly digest Growing Pains 15 January 2018 Richard Stutley, CFA
weekly digest Growing Pains Richard Stutley, CFA 15 January 2018 The growth outlook looks better at the start of 2018 than it has done in recent years. But while growth is good, investing is about that
More informationGOLD WTI CRUDE. Friday 10th February 2017
GOLD Friday 10th February 2017 Gold closed the day with losses after spending the day near the threemonth high posed on Wednesday, weighed by renewed dollar's demand in the US afternoon. Spot closed the
More informationBank Austria Economics & Market Analysis Austria. Austrian Economy. May
Bank Austria Economics & Market Analysis Austria Austrian Economy May http://economicresearch-e.bankaustria.at Austrian Economy Author: Walter Pudschedl Imprint Published by UniCredit Bank Austria AG Schottengasse
More informationWEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY
July 10, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» The minutes of FOMC meeting in June
More informationDAILY TECHNICAL REPORT
RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Trying to bounce. EUR/USD is bouncing
More informationQuarterly market summary
Quarterly market summary 1st Quarter 2017 Economic overview Data appears to signal that economic activity is picking up around the world, with many forecasts for growth being revised upwards. This has
More informationLeumi. Global Economics Monthly Review. Arie Tal, Research Economist. July 12, Capital Markets Division, Economics Department. leumiusa.
Global Economics Monthly Review July 12, 2018 Arie Tal, Research Economist Capital Markets Division, Economics Department Leumi leumiusa.com Please see important disclaimer on the last page of this report
More informationGlobal Macro Overview Q4/2018. The Quarterly REPORT. #lcgquarterlyreport
Global Macro Overview Q4/2018 The Quarterly REPORT Fundamental views On this page, LCG presents a brief synopsis of its outlook for the most popular markets traded on the LCG Trader platform. The markets
More informationASSET ALLOCATION MONTHLY BNPP AM Multi Asset, Quantitative and Solutions (MAQS)
FOR PROFESSIONAL INVESTORS 2 May 2018 ASSET ALLOCATION MONTHLY BNPP AM Multi Asset, Quantitative and Solutions (MAQS) THE RETURN OF THE US INFLATION THREAT Asset allocation overview: Christophe MOULIN
More informationOctober 2014 Strong Dollar Effects to Investors Dollar Trend Forecast
October 2014 Strong Dollar Effects to Investors In last month investment report, we have discussed our view for the dollar trend in the next 1 to 2 years (We said that following the changing monetary policy,
More informationAustralian Dollar Outlook
Tuesday, 31 March 015 Australian Dollar Outlook Still Under Pressure We have revised our AUD forecasts for this year down slightly to reflect developments over recent months. We now expect the AUD to end
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationUK Market Update. Key Takeaways. Markets. 31 May, FTSE ends May with biggest gain in Europe
UK Market Update FTSE 100 1 ends May with biggest gain in Europe Britain's FTSE 100 ended May as the month's best-performing major European index, shrugging off worries over a political crisis in Italy
More informationDAILY TECHNICAL REPORT
RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Grinding higher. EUR/USD continues its
More informationGlobal Investment Perspective
Global Investment Perspective April 09 March was an exceptionally strong month for equity markets. The MSCI World Index rose 7.6% as certain macro data, and US government initiatives boosted hopes that
More informationThe Market Navigator N a v i g a t i n g t h r o u g h t h e S e a s o f C h a n g e
April 17, 2018 The Market Navigator N a v i g a t i n g t h r o u g h t h e S e a s o f C h a n g e Systematic tracking of market and macro momentum through highly condensed, objective indicators in the
More informationWeekly Bulletin December 25, 2017
US tax overhaul legislation was enacted. WEEKLY OUTLOOK In the US, the House of Representatives and the Senate approved the legislation for tax cuts. Tax bill, which was signed by President Trump on Friday,
More informationGlobal economy and markets
Global economy Research Department ARC Research Team Tel: 966 11 211 9370, devassyp@alrajhi-capital.com Global economy and markets The IMF recently lowered its forecasts for global GDP growth to 3.2% (from
More informationWeekly Bulletin November 20, 2017
US data bolster the case for a rate hike. WEEKLY OUTLOOK In the USA, inflation and retail sales in October recorded an upbeat tone. Annual consumer inflation picked up by 2%, while core annual inflation
More informationGlobal PMI. Global economy starts 2017 on the front foot, PMI at 22-month high. February 8 th 2016
Global PMI Global economy starts 2017 on the front foot, PMI at 22-month high February 8 th 2016 2016 IHS Markit. All Rights Reserved. 2 Global PMI at 22-month high The global economy started 2017 with
More informationINVESTMENT OUTLOOK JUNE 2018 MACRO-ECONOMICS. Developed and Emerging Markets
INVESTMENT OUTLOOK JUNE 2018 MACRO-ECONOMICS Developed and Emerging Markets Trade tariffs and protectionist themes have dominated global markets throughout the year and risks have further heightened through
More informationEconomic Indicators. Roland Berger Institute
Economic Indicators Roland Berger Institute October 2017 Overview Key points Economic Indicators A publication, compiled by the Roland Berger Institute, that provides you with the most important macroeconomic
More informationUNITED STATES U.S. jobless claims fall 5,000 to 348,000. Applications for benefits at lowest level since February 2008.
26 Mar 2012 UNITED STATES U.S. jobless claims fall 5,000 to 348,000. Applications for benefits at lowest level since February 2008. U.S. home sales fell in February, but upward revisions to January's pace
More informationMonthly Economic Report
Monthly Economic Report April 19, 2018 Copyright Mizuho Research Institute Ltd. All Rights Reserved. 1. The Japanese Economy: the business conditions DI deteriorated; FY2018 fixed investment plans were
More informationCurrency Research Desk
Currency Research Desk Currency weekly October 29, 2012 Global economic review Economic performance All the Financial markets remained at tenterhook expect some of the Asian bourses. However, the two largest
More informationInternational Financial Market Report
Financial and Banking Operations Department - International Reserves Management Division - International Financial Market Report (23 27 April 2018) Podgorica, 4 May 2018 FX NEWS EUR/USD The EUR/USD exchange
More informationForex and Interest Rate Outlook 26th August 2015
Forex and Interest Rate Outlook 26th August 2015 Moderate recovery continues in advanced economies, but a weakening of activity in emerging economies is adding to global deflationary pressures Further
More informationDaily Currency outlook
June 6, 2018 Daily Currency outlook PRODUCT 1 Other Product offerings Recommendation in the report Currency pair Contract Action Price Target Stoploss Duration US$INR June futures Buy 67.18 67.46 67.04
More informationGlobal Macroeconomic Monthly Review
Global Macroeconomic Monthly Review August 14 th, 2018 Arie Tal, Research Economist Capital Markets Division, Economics Department 1 Please see disclaimer on the last page of this report Key Issues Global
More informationTOP ECONOMIC EVENTS OF THE DAY
OCTOBER 10, 2018 TOP ECONOMIC EVENTS OF THE DAY TIME CURRENCY EVENT EXPECTED PREVIOUS CONSENSUS IMPACT 1:15AM USD FED WILLIAMS SPEECH - - - - 08:30AM GBP Balance of Trade AUG -1.8B -0.111B - POSITIVE FOR
More informationHOUSE VIEW. Tug of war: US and China. Trade war. A downturn in US Spending? Canada delivering steady growth. Turkey: credit rating downgraded
HOUSE VIEW Trade war A downturn in US Spending? Canada delivering steady growth Tug of war: US and China Turkey: credit rating downgraded April 2018 H i n d u j a B a n k ( S w i t z e r l a n d ) L t
More informationDAILY TECHNICAL REPORT
RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Further sideways trading. EUR/USD sideways
More informationFund Management Diary
Fund Management Diary Meeting held on 12 th March 2019 Earnings to weigh on emerging market equities A slowdown in both the United States and Chinese economies will weigh heavily on export growth in the
More informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy March 2017 Global Stock Markets Rally likely to Continue, Driven by Strong Earnings & Strengthening GDP Growth.
More informationForex and Interest Rate Outlook 17th May 2016
Forex and Interest Rate Outlook 17th May 2016 The upcoming UK referendum on EU membership is the next big event risk for financial markets which seem to be expecting a vote to remain despite closeness
More informationCurrency Report- Daily
ASIA E.U U.S.A Currency Report- Daily Tuesday 14 Nov 2017 Global Market Overview High dividend-paying sectors including consumer staples and utilities saw rise in stock prices helping US indices move up
More informationNovember PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy November 2015 John Praveen, PhD Chief Investment Strategist FOR MORE INFORMATION CONTACT: Theresa Miller Phone:
More informationTHE SKINNY THIRD QUARTER 2018
THE SKINNY THIRD QUARTER 2018 THE RECORD-BREAKING U.S. EQUITY BULL MARKET CHARGED AHEAD IN Q3, POWERED BY AN ECONOMY FIRING ON ALL CYLINDERS. U.S. stocks rallied in the third quarter, boosted mainly by
More informationFOREX WEEKLY. Weekly information issued by the FOREX Advisory Team. Trader view in 2 snapshots. 4 October Global Forex Sentiment
FOREX WEEKLY 4 October 2017 Weekly information issued by the FOREX Advisory Team Global Forex Sentiment The global recovery continues, well synchronized across regions and broadening into investment. US
More informationPRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook September 2013 Financial Market Outlook: Stocks likely to Remain in Modest Uptrend with Low Rates & Plentiful Liquidity, Improving
More informationMonthly Economic and Financial Developments February 2007
Release Date: 3 April Monthly Economic and Financial Developments February In an effort to provide the public with more frequent information on its economic surveillance activities, the Central Bank has
More informationQuarterly market summary
Quarterly market summary 4th Quarter 2017 Economic overview Further evidence of synchronised global economic improvement was signalled by higher measures of economic activity and company profits, along
More informationDAILY TECHNICAL REPORT MA S-TERM. 16 December, 2011 L-TERM MULTI-WEEK OBJECTIVES/COMMENTS ENTRY LEVEL STRATEGY/ POSITION
MA S-TERM MULTI-DAY Please note: None of the strategies below represent trading advice or trading recommendations of any kind. Please refer to our full disclaimer. L-TERM MULTI-WEEK STRATEGY/ POSITION
More informationMonthly Market Snapshot
ly Market Snapshot NOVEMBER 2016 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights Equity markets recovered in November
More informationTECHNICAL REPORT DAILY RESEARCH TEAM. 04 October 2016 DISCLAIMER & DISCLOSURES
DAILY TECHNICAL REPORT RESEARCH TEAM DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Monitor the support at 1.1160. EUR/USD
More informationMonthly Market Snapshot
ly Market Snapshot SEPTEMBER 2016 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights Equities markets in general, traded
More informationCurrency Daily
Currency Daily 15-12-217 Market commentary Indian rupee rebounded sharply in early trades, but pared some gains before closing higher by 1paise at 64.34 per dollar amid expectations that the ruling BJP
More informationGlobal Market Overview
ASIA E.U U.S.A Wednesday 6 th Dec 2017 Global Market Overview Tech rally burns out pushing Wall Street lower. The year's top-performing sector was still down nearly 4 percent over the past week, with investors
More information