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Weekly market review

Week ending 25th March 2016


Stocks

The US stock market ended the week holiday-shortened week relatively unchanged (down just 0.7%). Although trading volume was low, many investors appeared to gain confidence as equities continued their longest rally so far this year, erasing the year-to-date losses experienced as of mid-February. The UK market fell slightly more (down 1.26%), but that too has almost eradicted the losses it incurred at the start of the year. The CBOE Volatility Index (a barometer of investor sentiment, which measures expectations of volatility over the next 30 days) closed at a seven-month low of 13.8 on Monday. Meanwhile, Japan’s Topix index was up 1.6% as the Yen weakened against the US Dollar, and the Euro Stoxx 600 fell 1.9%.

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Fixed Income

The UK 10 year gilt, along with most yields in Europe, fell due to geopolitical and economic uncertainty surrounding the area. The US 10-Year Treasury yield ended the week unchanged at 1.9%, as market reactions to economic releases were relatively muted.

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Currencies

The pound came under pressure, falling to $1.42, as the attacks in Brussels brought geopolitical concerns over immigration to the forefront. The recent cut in the UK’s economic growth forecast compounded the impact by depreciating the currency against other major currencies. The US dollar bounced off its 5-month low as aggressive Fed speeches and investor demand for safe haven assets boosted the index up 1.5%.



Commodities

West Texas Intermediate crude oil retreated to $39.46/barrel on the back of inventories rising. Total crude oil inventories now stand at all-time highs.

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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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