Gerald Fitzgerald’s Market Review March 15th
15 March 2021
LAST WEEK IN 30 SECONDS...
Joe Biden has successfully pushed through a $1.9tn stimulus bill that has been warmly welcomed by equity markets despite the inflationary threats associated with it. Global Equities rose by 2.5% for the week whilst the volatility within the tech heavy NASDAQ continued with the index finishing the week 3.1% higher.
After 3 weeks in negative territory, gold finally finished in the green ending 0.9% higher for the week. Elsewhere, Bitcoin continued it unassailable rise touching $61,000 a coin during the weekend.
THIS WEEK IN 30 SECONDS...
The vaccine roll out continues albeit the pause in the use of the AstraZeneca vaccine further hampers coverage levels.
From an economic update, Chinese industrial production updates are released on Monday, US Retail sales updates on Tuesday along with Eurozone inflation updates on Wednesday.
The US Federal Reserve’s interest rate announcement comes on Wednesday. With no change anticipated, markets will once more look for comforting tones from the subsequent press conference that the Federal Reserve will not raise rates at the first sign of inflation breaching 2%.
ENERGY MAKING UP LOST GROUND
2020 was a poor year for Energy yet the sector has rebounded strongly and leads equity sectors for 2021-to-date. Elsewhere, IT whilst being the best performer over 2020 is flat year to date.