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Weekly market review

Week ending 4th March 2016


Stocks

The US stock market extended its three-week rally, rising a further 2.7% as stronger-than-expected job growth signalled improved economic health. The gains were global with the Chinese Shanghai Index continuing its upward momentum as the People’s Bank of China confirmed its desire to maintain a stable currency, the European market gaining 2.5% as market expectation rose for further monetary easing policy and the UK stock market posting a slightly more modest rise of 1.7%.

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Fixed Income

In Europe, core sovereign yields increased, but were ultimately contained by deflationary pressures and speculation of aggressive policy easing at the European Central Bank’s upcoming meeting next week. The US 10-year treasury yield rose to 1.88% and the UK 10-year gilt rose to 1.48%.

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Currencies

Having fallen on the back of 'Brexit' worries last week, the British pound had a bit of a relief rally. It rose 2.6% against the dollar, which had a difficult week despite getting a boost from a strong labour report. The Chinese Yuan continued its rally, with volatility hitting a three-month low, after officials touted continued economic support and the need for a stable exchange rate. The Euro also edged higher to $1.10, despite mixed Eurozone data.



Commodities

The number of US drilling rigs fell to its lowest level since 2009, boosting West Texas Intermediate crude to $35.92. As a result, a number of large US producers expect to extract 10% less oil than they did last year.

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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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