- Equities & Euro up following first round of French election
- May calls snap UK election
- Flash PMI’s encouraging in Europe, less so in US
- UK retail sales decline in March
- Poor week for oil as US inventories rise
Imperium Capital Publication
Viewpoint – April 2017
Despite a mid-month wobble in the US equity market, it was another benign month overall for equity markets and most risk assets made further upward progress, continuing the pattern of performance since Trump’s election success. Volatility remained remarkably low, and equities again outperformed bonds. The most notable moves included a change in leadership within equity markets, with Europe meaningfully outperforming the US, credit marginally outperforming sovereign bonds (which posted flat or negative returns), and a renewed slide in the US dollar against most currencies, leaving its trade weighted index down by 1.8% year-to-date. Despite further evidence of strengthening global growth, commodity markets were generally weak, notably the price of WTI oil declined by 6.3% over the month. A combination of accelerating growth and a weaker dollar helped emerging markets to another strong month, leaving them as the best performing equity market year-to-date (posting a total return of 11.4%).
Weekly Digest – 9 April 2017
- Geopolitical tensions rise over North Korea & Syria
- March US non-farm payrolls reading disappoints
- FOMC minutes spark equity declines
- Eurozone PMI data reaches multi-year high
- South Africa’s sovereign credit rating downgraded
Weekly Digest – 2 April 2017
- Strong finish to Q1 for equity markets
- US Q4 GDP growth revised upwards
- UK triggers Article 50
- China raises short term interest rates
- Euro area inflation below expectations in March