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Stephen Lennons Market Review August 27th

27th August 2018

 

 

LAST WEEK IN 30 SECONDS...

The S&P 500 clinched its longest bull market run in history last week. After almost 9 ½ years, the bull market run that began in March 2009 finally eclipsed the duration of 1990-2000 run that ended with the dot-com crash. The index added 0.86% for the week as it reached the milestone. The NASDAQ Composite was however the standout performer in the US, adding 1.66% and reaching a new all time high in the process.

European stocks also performed well during the week as all of the major regional indices finished the week higher. The DAX Index added 1.51% following the release of German GDP data showing annualised growth of 1.8% in Q2 2018. This comes despite the increased uncertainty around the outlook for global trade.

Elsewhere, in Asia, China’s Shanghai Composite rose 2.27% as investors debate whether the Chinese equity market has bottomed out. Having fallen over 17% since the turn of the year, bullish investors speak of attractive valuations while bearish investors cite ongoing trade disputes and a slowing economy as reasons to be fearful.
In currency markets, the Euro rebounded 1.92% vs the USD last week while more uncertainty around Brexit led to a gain of 0.98% vs the GBP.

 

THIS WEEK IN 30 SECONDS...

No progress was made from talks last week between US & Chinese officials, leading to the US rolling out 25% tariffs on an additional $16bn of Chinese goods at the end of the week. Look out for retaliation from China this week.

 

CHART OF THE WEEK

 

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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