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Weekly market review

Week ending 26th February 2016


Stocks

Most stock markets enjoyed gains last week, with the UK up approximately 1% over the week, Europe up 1.7% and the US up 1.6%, extending its second weekly advance and reaching a seven-week high as news of higher-than-expected US 4th quarter growth was released. Meanwhile, the Chinese Shanghai Index fell 3.2%, despite the late-week rally following the People’s Bank of China’s signal for further easy monetary policy.

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Fixed Income

The US 10-year bond yield fell to 1.76% following Chinese equity market volatility and an oil price rally. The German 10-year bond yield also fell to 0.15% on the back of lower-than-expected inflation, fuelling speculation that the European Central Bank will further stimulate the economy at next month’s meeting. Furthermore, Japanese 10-year bond yields fell to a record low on Thursday with inflation still below the 2% target, while the UK 10-year government bond yield fell 2.6%.

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Currencies

The US dollar Index briefly hit the $98 level, and rose 1.5% this past week. The euro edged lower to $1.09 following better-than-expected US durable goods orders data, while the pound fell 3% against the dollar to £1.39, after pro-Brexit commentary by notable public figures.



Commodities

Oil extended recent gains as Russia announced continued talks with Iran on a proposed output cap amid the global supply issue. West Texas Intermediate rose steadily through the week, up 10.6% to end the week at $32.78 a barrel.

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Source: Goldman Sachs Asset Management. Adapted by FundCalibre. This material is for information purposes only and does not in any way constitute financial advice.


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