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Weekly market review

Week ending 22nd April 2016


Stocks

The UK stock market fell slightly last week, closing at 6310.44, while the US stock market rose 0.5%, as the market continued its recovery from lows in early March. Globally, the Eurostoxx 600 rose 1.7%, Japan’s TOPIX rose 6.6% amid expectations for central-bank policy action next week, and the Chinese Shanghai index ended 3.9% lower, with the downturn driven by the financial and industrial sectors.

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Fixed Income

The UK 10 year bond yield rose to 1.60% last week, hitting its highest level since early February. Germany's 10-year bond yield also jumped to 0.23% after the European Central Bank (ECB) kept monetary policy unchanged and the US 10-Year Treasury bond yield rose to a new high of 1.89%. In contrast, Japan’s 10-Year bond yield finished roughly flat after hitting fresh all-time lows midweek.

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Currencies

The pound appreciated against both the US dollar and the Japanese yen, closing on 1.4403 and 1.2838 respectively, with President Obama’s visit to the UK last week and his emphasis that UK should remain part of the EU, boosting the pound. The US dollar appreciated against the Japanese yen, as contrasting views emerged for next week’s central bank policy meetings. Markets expect dovish sentiment from the Bank of Japan (BoJ), while the Federal Reserve (Fed) is expected potentially to hint at a June interest rate hike.



Commodities

West Texas Intermediate crude oil rallied to $43.7/barrel amid a three-day oil-worker strike in Kuwait, and despite Saudi Arabia and Iran’s refusal to participate in a proposed oil output freeze, at last week’s Doha meeting, among major oil producers. The Kuwaiti strike temporarily cut OPEC (Organization of the Petroleum Exporting Countries) members’ crude oil production heavily. The gains also came in spite of weekly US crude oil inventories’ rise of 2.1 million barrels.

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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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