Market Talk – Friday, April 9

UK:

Halifax House Price Index (YoY) increased from 5.2% to 6.5%

Halifax House Price Index (MoM) (Mar) increased from 0.0% to 1.1%

Italy:

Italian Retail Sales (MoM) (Feb) increased from -2.7% to 6.6%

Italian Retail Sales (YoY) (Feb) increased from -6.7% to -5.7%

US/AMERICAS:

Wall Street concluded the week on a bullish note this Friday after both the Dow and S&P 500 closed at all-time highs. The Dow closed over 297 points higher, advancing to 33,800.6; the S&P 500 secured an additional 31 points, spiking the index to 4,128.8. Honeywell’s 3.23% advancement helped both indexes push forward today. United Health (3.12%), Salesforce (3.04%), and Apple (2.02%) contributed to the Dow’s historic day of trading. PVH Corp (5.68%) elevated the S&P 500, as did Tapestry Inc (3.597%), Cigna (3.29%), and Gap (3.279%).

Dallas Federal Reserve Bank President Robert Kaplan admitted today that the Fed’s bond-buying program may not be sustainable in the long term. Kaplan said that he does not want to be “preemptive” as the central bank waits for unemployment to decline and inflation to rise. However, he noted that he has concerns about policy being “so reactive that we are late.” Once the aftermath of the pandemic’s effects on the economy begins to lessen, Kaplan said he will advocate against “some of the Fed’s extraordinary actions,” starting with the bond-buying program.

Amazon defeated the unionization effort in Alabama today with a vote of 738 in favor versus 1,798 in opposition. The online retail giant would have needed 1,608 votes to move forward with creating a union for workers. Those in favor are now requesting a recount and claims that Amazon disrupted the election by encouraging employees to vote “no” through marketing materials and setting up newly installed voting mailboxes near their warehouse.

Unemployment is declining in Canada according to new data released by Statistics Canada this Friday. The nation’s unemployment rate dropped to 7.5% in March after adding an additional 303,000 jobs. In comparison, the unemployment rate stoof at 8.2% in February, which saw a gain of only 259,000 positons. However, new lockdown measures have many concerned about the near-term future of the Canadian workforce. Even with March’s increase, the nation is still 1.5% beneath it’s pre-pandemic level of unemployment.

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