Tradingview Weekly Market Wrap 20 January 2020

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One more week stock markets closed in the green zone, in some cases hitting new record highs. The positive performance can be contributed to two major events: the signature of a phase one trade deal between China and the U.S. and the approval of the USMCA trade deal by the U.S. Senate. It is worth mentioning that another earning season just started. Meanwhile, Alphabet became the fourth company to pass a trillion-dollar market cap. Boeing, in turn, keeps disappointing investors as the new issues appear, this time another software issue with the 737 Max has been discovered.

Market movers

  • In the U.S., housing starts increased by 16.9 percent in December, the most since October 2016.
  • Job openings fell by 561 thousand in November to 6.8 million, the lowest since February 2018.
  • Industrial production fell 0.3%
  • In the case of the UK, December’s retail trade data showed a decrease for the fifth month in a row. In this context, many investors expect that the Bank of England will have to cut interest rates in order to support the economy.
  • Industrial production in the US fell 0.3 percent from a month earlier in December 2019, following a downwardly revised 0.8 percent growth in November and compared to market expectations of a smaller 0.2 percent decline. US Housing Starts Jump to 13-Year High in December.
  • China 2019 GDP increased 6%, presenting the weakest growth in 29 Years
  • Russia’s government resigned.

 

Most important macroeconomic data releases

It will be a quite but still important week in terms of the macro. In the USA, Investors will focus on Markit PMIs, existing home sales and, of course, corporate earnings (new season kicked off last week). Besides that, we will pay attention to PMI surveys for the UK, Eurozone, Japan, and Australia; UK unemployment and salary data; Europe confidence, together with Japan trade balance and inflation rate. Finally, the PBoC, ECB, and BoJ will provide an update on monetary policy; meanwhile, the world’s most influential executives will meet on the World Economic Forum in Davos, Switzerland.

 

Weekly market snapshot

 

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