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Stephen Lennon’s Market Review September 17th

17th September 2018


Stocks ended a positive week on a flat note on Friday as news arrived that President Trump wants to move forward with tariffs on a further $200B of Chinese products. In the US, the DJIA, NASDAQ & S&P 500 all ended the week higher despite reports of Trumps latest round of tariffs. It was also a positive week for European equities. The ECB kept monetary policy unchanged at its latest meeting and remains on track to end bond purchases this year. Equities reacted positively with the FTSE Eurofirst 300 adding 1.17% over the week.

Elsewhere, the Hong Kong stock market entered bear market territory briefly last week before rallying to end the week higher. The HANG SENG Index is down 8.8% YTD and just under 20% from its January high. The Hong Kong market is one of the world’s most heavily traded markets and has been hurt by the US/China trade war as many of the biggest companies listed on the exchange are based in China.

As we approach some crucial weeks in the Brexit process, there was further respite for the GBP last week after EU Brexit negotiator Michel Barnier said that a deal might be concluded in the coming weeks. The UK Gilt yield rose 7 bps on the news to 1.53%.



European leaders gather in Salzburg, Austria, on Wednesday to try to advance Brexit negotiations as the March 2019 deadline looms on the horizon. The summit will be the first-time leaders will discuss Theresa May’s so-called Chequer’s plan of “serious proposals” and will be a critical test of the plan’s credibility.



It has been a while since we have checked in on the price of Bitcoin. After 4 years of growth where the price of the cryptocurrency rose over 300% culminating in a peak price of around $17,000 in late 2017, the digital currency has lost well over 50% of its value this year. A textbook financial bubble.


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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