Europe has taken the spotlight away from what has been a very positive March quarter earnings season in the US.
Of all the negative influences currently impacting on the Australian stock market, none is greater than “Oh God I’ve seen this movie before”.
The euro fell then bounced hard last night and Wall Street again followed suit, turning a 186 point down day in the Dow into only 66 points down.
Westpac’s Australian consumer confidence index has tipped over, Germany’s confidence has plunged, and the US consumer is none too enthusiastic either.
As promised in this week’s Weekly Insights: the charts.
Observations made by market strategists at BTIG and Glushkin Sheff.
There was a brief moment in the sun on offshore markets last night before Germany moved the goal posts and the euro sank once more. Dow down 114.
The euro fell to near US$1.22 last night before rebounding back to near $1.24. The Dow fell 180 points but closed up 5. Yet commodities were absolutely trashed. (Locked for subscribers until 10:00 AEST)
A wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
A brief look at important company events and economic data releases next week.