Market Talk – Friday, March 19

The major Europe stock markets had a negative day:

  • CAC 40 decreased 64.83 points or -1.07% to 5,997.96
  • FTSE 100 decreased 70.97 points or -1.05% to 6,708.71
  • DAX 30 decreased 154.52 points or -1.05% to 14,621.00

The major Europe currency markets had a negative day today:

  • EURUSD decreased 0.00106 or -0.09% to 1.19060
  • GBPUSD decreased 0.00498 or -0.36% to 1.38744
  • USDCHF decreased 0.0001 or -0.01% to 0.92736

Some economic news from Europe today:

UK:

GfK Consumer Confidence (Mar) increased from -23 to -16

Public Sector Net Borrowing (Feb) increased from 2.39B to 18.41B

Public Sector Net Cash Requirement (Feb) increased from -19.582B to 14.162B

Germany:

German PPI (YoY) (Feb) increased from 0.9% to 1.9%

German PPI (MoM) (Feb) decreased from 1.4% to 0.7%

US/AMERICAS:

The International Monetary Fund (IMF) stated that the US $1.9 trillion package could trigger inflation that will be temporary. Gita Gopinath, Economic Counsellor and Director of the Research Department at the International Monetary Fund (IMF) stated that a sharp uptick in inflation could become “quite disorderly,” but she stated that the Federal Reserve has the tools to control any potential issues. The Federal Reserve recently raised their inflation target for 2021 and said that they would allow inflation to run a bit above target for a short period of time.

Senior officials from the US and China came together for the first time in what began as a tumultuous debate. At the pre-conference meeting on Thursday, both economic powerhouses exchanged tough words that led to both sides harshly criticizing one another. “China certainly in the past has not and in the future will not accept the unwarranted accusations from the U.S. side. In the past several years, China’s legitimate rights and interests have come under outright suppression, plunging the China-U.S. relationship into a period of unprecedented difficulty,” China’s Foreign Minister Wang Yi stated. “I recall well when President Biden was vice president and we were visiting China ..and Vice President Biden at the time said it’s never a good bet to bet against America, and that remains true today,” US Secretary of State Andrew Blinken said.

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