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This week’s market commentary from David Jones, Chief Market Strategist at Capital.com
This week is a big one for UK data – and for once it is just not all about Brexit. The UK unemployment numbers were announced on Monday and on Thursday there is the latest rate decision from the Bank of England. No changes are expected but it will be interesting to hear any opinions from the UK central bank on the state of the economy, particularly given the lack of progress currently being made on how the country leaves the EU.
Possibly one of the most interesting asset classes to watch this week will be stock markets. Last week saw the broad US index the S&P500 hit fresh highs for the year once again. This benchmark is now back to where it was in October of last year and it has continued the near vertical recovery we have seen since December. There has been very little in the way of meaningful corrections as stock markets have bounced back in 2019. It’s often said that “bull markets climb a wall of worry” – plenty of investors may have been expecting at least some sort of sell-off but for now the upwards momentum remains very much in place.
The other market pushing out to fresh highs for the year is the oil price. This has also experienced an impressive recovery since December – US crude is up by 40% and is trading just shy of $60 a barrel. There are signs of some caution creeping in over recent weeks with traders wondering whether the $60 mark is going to end up being a barrier to progress – but so far at least it has started this week positive once again.
*This is market commentary information, therefore it shall not be regarded as investment research or investment advice. Also note that past performance is not reliable indicator for the future.
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