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Stephen Lennon’s Market Review April 30th

30 April 2018

LAST WEEK IN 30 SECONDS...

The yield on the 10 Year US Treasury note finally hit 3% last Tuesday before closing the week at 2.96%. The brief encounter with 3% was enough to wobble US stocks with all 3 of the major US benchmark indices finishing the week lower. Higher treasury yields have driven mortgage rates in the US to their highest level since 2013 (4.58%), one of many concerns for millennials about rising rates.

The FTSE 100 was the standout performer in Europe gaining 1.82%. The index has now posted 5 consecutive weeks of gains as the weaker pound is boosting sales in foreign currencies for its many multinational companies. News of Sainsbury’s merger with Asda (a Walmart subsidiary) has further boosted the index today with shares of the British Supermarket chain up over 20% this morning.

Finally, for the first time since 1953, a north Korean ruler stepped over the border into South Korea last week. The historic summit took place on Friday as Kim Jong Un & South Korean President Moon Jae-In met to begin discussions around the denuclearisation of the Korean Peninsula. Unsurprisingly, the meeting included several unusual moments, not least Kim Jong’s conspicuous getaway after the first round of talks

THIS WEEK IN 30 SECONDS...

Earnings season rolls on this week as over 1/5th of S&P 500 companies publish their Q1 2018 results. Most of the focus will be on Apple as the tech giant tries to recover from a poor start to the year with sales of the new the iPhone X coming in below expectations. Elsewhere the US Federal Reserve are expected to take no action around interest rates at their latest policy meeting on Wednesday.

CHART OF THE WEEK

The number of Americans applying for unemployment benefits fell to its lowest level in almost 50 years for the week ending April 21st . Initial jobless claims fell 24,000 to a seasonally adjusted 209,000, a level last seen during the Nixon administration in 1969.

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Equities  Value 1 Wk Change YTD
FTSE World € € 568.59  1.21% -1.06%
DJIA 24311.19 -0.62% -1.65%
Nasdaq Comp 7119.80 -0.37% 3.13%
S&P 500 2669.91 -0.01% -0.14%
FTSE 100 7505.21 1.82% -2.41%
Bonds 10 Yr Value 1 Wk Change YTD
Germany 0.57% -0.02 0.14
Ireland 0.97% -0.01 0.30
UK 1.45% -0.03 0.26
Japan 0.06% 0.00 0.01
USA 2.96% 0.01 0.55

 

Forex Value 1 Wk Change YTD
EUR/USD $1.210 -1.44% 0.78%
EUR/GBP £0.877 0.18% -1.18%
EUR/YEN ¥132.01 -0.18% -2.41%
USD/YEN ¥109.09 1.28% -3.16%
Commodities Value 1 Wk Change YTD
WTI Crude $68.11 -0.22% 12.65%
Brent Crude Oil $74.64 1.45% 12.06%
Gold 100 oz $1,322.49 -1.20% 1.46%
DJ UBS Index $89.38 -0.52% 1.38%

 

Invesco staff portraits, photographed at their office in Sandyford, Dublin on Monday, 13 February 2017.
Photography by Brendan Duffy.

By Stephen Lennon, Performance Analyst

Stephen is based in our Dublin Office having joined Invesco in October 2015. He previously spent 2 years working with AIB and has a total of 3 ½ years’ experience in the financial services industry. Stephen is a graduate of Trinity College Dublin, where he graduated with an Honours degree in Business & Economics and is currently undertaking the CFA Program.

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