- Global equities subdued
- UK adds 170,000 jobs; retail sales growth picks up
- US inflation falls; NY Fed hawkish
- Japan see exports and imports slump
- The price of oil rises on rumours of output freeze
Imperium Capital Publication
Viewpoint – August 2016
Fortunately, the Brexit vote proved to be anything but the globally systemic shock that many had predicted. Within weeks most equity markets had recovered all and more of their immediate post-referendum falls as it became clear that the only lasting impact on markets globally was to delay any prospect of monetary tightening into the long distant future.
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Weekly Digest – 14 August 2016
- Gilt prices rise as BoE suffers from supply drought
- US July data comes in below expectations
- Encouraging economic data out of China
- EU waives budget deficit fines for Spain and Portugal
- Oil rebounds from its bear market
Weekly Digest – 7 August 2016
- Bank of England cuts rates and adds to QE
- US sees continued job creation
- Bank of Japan announces fresh stimulus
- JGBs sell off; gilts rally
- Oil rebounds midweek
Weekly Digest – 31 July 2016
- European banking stress test results yield no major surprises
- Eurozone and UK GDP growth beat expectations
- US economic growth disappoints
- Japan: fiscal stimulus expected, monetary stimulus disappoints
- Oil enters a bear market
Weekly Digest – 24 July 2016
- Failed coup impacts Turkey’s financial markets
- European Central Bank maintains monetary policy position
- Weak PMI data from the UK following Brexit
- IMF downgrades global and UK growth forecasts
- Japanese stimulus expectations continue following trade data
Viewpoint – July 2016
Events in June, prior to the UK’s EU referendum on the 23rd, became somewhat irrelevant following the shock result. The market reaction was instant and dramatic, with sharp falls in sterling, global stock markets, government bond yields (especially those in the UK) and a flight to safe haven assets such as gold.
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Weekly Digest – 17 July 2016
- Strong US data pushes shares to record highs
- Continued expectations for Japanese stimulus; yen sells off
- China GDP growth on target
- European bank stocks rally
- Sovereign bond yields rise
Weekly Digest – 10 July 2016
- Abe’s coalition wins a landslide victory in Japanese elections
- US payrolls show 287,000 jobs created in June
- Chinese inflation slows
- Health of Italian banking sector of increasing concern
- Government bond yields continue to decline
Weekly Digest – 3 July 2016
- Rating agencies cut UK credit rating
- Global equity markets rebound
- European bank stock fragility continues
- Commodities record broad gains
- Mixed results in China’s monthly PMI data