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MARKET SUMMARY WEEK ENDING 16 OCTOBER 2015

19th October 2015

Market Highlights

Goldman Fund Manager Bets on Pound as Market Too Dovish on Rates. Goldman Sachs Asset Management says the pound is set to strengthen against the dollar as the Bank of England is poised to raise interest rates sooner than the market predicts.

Commodities Slip on Slowing China Growth as European Stocks Gain. Commodities dropped after China reported the slowest economic growth since 2009. Europe’s benchmark stock index rose as Deutsche Bank AG gained amid a management reshuffle.

Commodities in Review

China Boosts Gold Reserves by 0.9% in September. While China is the nation with the world’s fifth biggest gold stash, it still only represents 1.6% of its reserves compared with 73% for the U.S. and about 67% for Germany, World Gold Council data show.

Gold Stages Comeback, Erasing 2015 Losses on View Fed May Delay. Go ahead, call it a comeback: gold just erased its 2015 losses. The metal jumped to the highest in more than three months on Thursday as evidence that economies are slackening from China to Europe damped expectations the Federal Reserve will soon raise interest rates.

US

U.S. Index Futures Erase Drop with Equities at Eight- Week High. U.S. stock-index futures were little changed, paring an earlier drop, after the Standard & Poor’s 500 Index closed at its highest level in eight weeks. The S&P 500 rose on Friday to the highest level since Aug. 20 amid better-than-estimated corporate earnings, capping its longest weekly winning streak since May. The benchmark measure is rebounding from its worst quarter in four years, while investor sentiment swings between concern over China’s slowdown and optimism that the Federal Reserve won’t rush to raise rates.

UK

FTSE 100 Little Changed as Barclays Gain Offsets Slide in Miners. U.K. stocks were little changed after two days of gains. A rally in Barclays Plc offset a retreat in miners including Glencore Plc. The FTSE 100 lost 0.2 percent to 6,364.89 at 9:11 a.m. in London. The broader FTSE All- Share Index dropped 0.2 percent today, while Ireland’s ISEQ Index declined 0.2 percent.

Continental Europe

ECB Heads to Malta Meeting as More QE Seen a Matter of Time. While ECB speakers have publicly trailed the line that it’s too early to tell whether an emerging-market downturn and commodity-price slump will derail the euro area’s already-sluggish revival, the pressures are mounting. “It is only a matter of time before more action is taken,” said Alan McQuaid, chief economist at Merrion Capital Group in Dublin. “Inflationary pressures remain very muted, and unless there is a dramatic rise in the price of oil, which looks unlikely in the short term, then the ECB is not going to meet its inflation target any time soon.”

Asia Pacific

Asian Stocks Retreat from Two-Month High as Chinese Growth Slows. The MSCI Asia Pacific Index retreated 0.3 percent to 134.17 as of 4:41 p.m. in Hong Kong after closing on Friday at the highest since Aug. 19. China reported gross domestic product rose 6.9 percent in the three months through September from a year earlier, beating economists’ estimates for 6.8 percent growth while falling short of the government’s goal of about 7 percent.

Emerging Markets

Emerging Stocks Head for Two-Month High After China Growth Data. Emerging-market stocks climbed toward a two-month high as health-care shares surged and data showed China’s economy expanded more than economists forecast. South Korea’s won rose to the strongest level in three months, while Russia’s ruble retreated. The MSCI Emerging Markets Index gained 0.3 percent to 867.65 at 9:11 a.m. in London, its third day of gains. The developing stocks gauge has fallen 9.3 percent this year and trades at 11.4 times its 12-month estimated earnings, data compiled by Bloomberg show. The MSCI World Index has dropped 1.5 percent in 2015 and is valued at a multiple of 15.7 times.

The information set out herein has been obtained from various public sources and is sent to you by way of information only. Schreiber Associates International can accept no liability of any sort in relation thereto and readers should obtain their own verification of any statement before making any decision which may have any financial or other impact.
Neither the information nor the opinions herein constitute, or are they to be construed as, an offer or a solicitation of an offer to buy or sell investments.

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