string(92) "https://www.invesco.ie/wp-content/uploads/2020/09/60-Second-SnapShot-14th-September-2020.pdf"

Gerald Fitzgerald’s Market Review September 14th

14 September 2020

 

 

LAST WEEK IN 30 SECONDS...

Technology stocks fizzled last week as continuing uncertainty saw further gains relinquished. The tech sector has given up almost 10% since the beginning of September, however, the sector remains the best performing sector this year up 23%.

Ireland saw Q2 GDP declared at -6.1%, compounding Q1’s announcement of -2.1% and bringing Ireland officially into recession. The week also saw UK trade discussions, or the lack thereof, garner further attention as the UK seeks to change the terms of the original Brexit agreement. Meanwhile oil price volatility saw WTI Crude oil prices fall by 9.8% over the week as concerns on weakening demand led prices lower.

 

THIS WEEK IN 30 SECONDS...

The week ahead sees a busy schedule for central bank announcements and data updates.

From a monetary perspective, the US Federal Reserve, Bank of Japan and Bank of England provide updates on key interest rates albeit no changes are anticipated.

US industrial production numbers are released on Tuesday whilst US retail sales updates are published on Wednesday. European economic sentiment updates are announced on Tuesday with industrial production on Monday. Elsewhere, the OECD publishes its half-yearly economic outlook on Wednesday for G20 countries.

 

STERLING’S ARM WRESTLE WITH THE EURO CONTINUES

Sterling weakened last week as the UK’s trade discussions with the European Union hit a new obstacle in the journey to agree a trade deal. With the original terms of the UK’s exit from the European Union being challenged, optimism is waning that a trade deal will be achieved before year-end. Sterling has weakened by over 9% since the beginning of 2020.

Ger Fitzgerald

By Gerald Fitzgerald,