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Gerald Fitzgerald’s Market Review April 6th

06 April 2021

 

 

LAST WEEK IN 30 SECONDS...

The world had its eyes focused on the Suez Canal last week as the 20,000 container ship, Ever Given, remained stranded across the canal. With a significant threat to global distribution lines, the ship was eventually pulled free with the canal reopened shortly after.

The week ended with global equities up 1.4% for the period and in double digit territory for the year to date. The Chinese Shanghai composite finished the week +1.9% to move back into positive territory for the year to date.

Elsewhere, US nonfarm payrolls updates surprised on the upside, whilst OPEC+ agreed to increase modest oil production from May with WTI Crude Oil finishing the week 1.1% higher.

 

THIS WEEK IN 30 SECONDS...

With a short week ahead following the Easter break the schedule is light. On the US side efforts to agree the next US stimulus bill continue to be thrashed out with the prospects of raising corporate taxes a headwind amongst particular circles of Congress.

The IMF and World Bank hold their Spring Meetings this week where amongst other topics on the agenda will include conversations on the ongoing pandemic and the health of the global economy. From an economic update, US services PMIs are released on Tuesday along with Chinese inflation and German factory orders on Thursday.

 

US MARKETS HIT HISTORIC NEW LEVELS

The Global Financial Crisis may be over a decade ago yet its effect still prevails. Whilst the recovery in markets has been positive, Europe has failed to participate to the same degree, however, with the Eurofirst 300 index trailing its US counterpart the S&P500 by a considerable margin. Thus far, 2020’s crisis has seen a similar pattern.

Ger Fitzgerald

By Gerald Fitzgerald,