Posted on: 5th June 2020 in News
Good day, this is Holborn’s weekly market recap. Let’s take a look at this week’s news in finance.
Monday June 1st
News in finance: On Monday, the good news came from China as the Caixin Manufacturing Purchasing Managers’ Index (PMI) came in at 50.7 for the month of May, surpassing analysts’ expectations. In eurozone’s financial updates, IHS Markit published the Euro bloc’s Manufacturing PMI in May which came in at 39.4, slightly lower than expected. In the United States (U.S.), the Institute for Supply Management (ISM) released data regarding May’s Manufacturing PMI which also came in lower than anticipated at 43.1.
Tuesday June 2nd
News in finance: On Tuesday, the Reserve Bank of Australia (RBA) announced that it would be keeping the official cash rate on hold at 0.25%. In the UK, Nationwide released data regarding house prices in May. The survey showed that house prices dropped by 1.7% in May on a month-to-month basis.
Wednesday June 3rd
News in finance: On Wednesday, the Australian Bureau of Statistics (ABS) revealed that the country’s Gross Domestic Product (GDP) contracted 0.3% during the first quarter of 2020 (Q1 2020), in line with market expectations. Data published in Switzerland showed that the Swiss GDP fell by 2.6% in Q1 2020, which is the largest quarterly drop since 1980. In eurozone’s financial updates, Eurostat announced that the Euro bloc’s unemployment in April stood at 7.3%, a much better reading than the anticipated 8.2%. In Canada, the Bank of Canada kept its benchmark interest rate unchanged at 0.25%.
Thursday June 4th
News in finance: On Thursday, the Swiss Federal Statistical Office published data regarding the country’s CPI in May. The survey showed that the CPI decreased by 1.3%, on an annualised basis, in line with economists’ expectations. It should be noted that this is the worst reading recorded in the last four years. In eurozone’s financial updates, the European Central Bank’s (ECB) governing board had its monthly meeting. The ECB decided to keep interest rates on hold. The ECB’s head Christine Lagarde said that the Euro bloc’s central bank would add €600 billion to its quantitative easing (QE) programme, boosting the single currency’s value against the U.S. Dollar. In the U.S., the Bureau of Economic Analysis announced that the country’s international trade deficit widened to $49.4 billion in April, surpassing analysts’ expectations.
Friday June 5th
News in finance: On Friday, the GfK’s consumer confidence index showed that consumer confidence in the UK hit a ten-year low during May. In the U.S., the Bureau of Labour Statistics published data regarding May’s Nonfarm Payrolls (NFPs). Data showed that the number of NFPs rose by 2.5 million in May, beating all estimates and surprising economists, while the unemployment rate fell to 13.3%. On the contrary, Canada’s unemployment rate edged higher in May, coming in at 13.7%. From all of us at Holborn Assets have a nice weekend!
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