Market Report

Today sees a lot of important data releases which we hope wont over shadow the really important Cricket game from the World Cup.

We have already seen the French consumer confidence for March released this morning, which has now seen the Euro strengthen against most the major currencies.

At 13:30 we have the US personal income and spending data, which is expected to show the Core PCE deflator to remain steady.

Also from the US we have the Chicago PMI, the Michigan sentiment and the FED chairman Bernanke speaking, all of which may influence the markets.

The biggest thing to look out for this afternoon is the England Ireland game in the Cricket World Cup. England have to win to have any chance of progressing.

Have a nice weekend.

DE

Market Report

GENERAL NEWS
The convincing victory that everyone had hoped for did not seem to be on the cards, after what must have been one of the most disappointing first halves of international football in living memory; at least they turned it around in the second half to restore a little bit of pride. This said McClarens job seems far from safe, with much harder games coming up only time will tell.

CURRENCIES
The run of disappointing U.S data release continues unabaited, so far there has been a bigger than expected drop in U.S March consumer confidence following a similar disappointing decline in February new home sales. Another blow to the economic outlook came from February U.S durable goods orders, which came in weaker than expected.

Bank of England Governor King has stated there is zero chance that inflation would turn out as outlined in the Bank's central case, seemingly pointing to a further interest rate hike in the future.

DH

Market Report

CURRENCIES
Sterling has fallen this morning after data showed a record UK current account deficit in the fourth quarter and a surprise downward revision to growth.

The pound was already falling before the data, especially against the yen, as the U.S. navy quashed rumours of a conflict in the Gulf and falling stock markets following weak U.S. consumer confidence data led investors to unwind sterling-supportive carry positions.

A survey by mortgage lender Nationwide showed British house price inflation slowed in March to 0.4 percent on the month from a downwardly-revised 0.6 percent in February, indicating that homebuyers are feeling the effects of three Bank of England interest rate rises since August.

The survey came a day after BoE Governor Mervyn King said Britain's housing market was starting to slow, weighing on sterling.

GENERAL NEWS
England must record a convincing victory over Andorra to spark their Euro 2008 campaign into life. Steve McClaren's men travel to the Olympic Stadium in Barcelona needing a morale boosting performance to get their qualification campaign back on track. England are currently third in Group E behind Croatia and Russia and Saturday's limp goalless draw in Israel offered little to suggest they will make next year's finals.

Real Madrid president Ramon Calderon admits the Spanish giants would be interested in signing Cristiano Ronaldo if the price is right. Madrid and Barcelona have been linked with a move for the 22-year-old since last summer. Calderon confirmed Madrid would be 'first in line' for the Manchester United star if he became available.

DH

Market Report

After Englands disappointing draw in Israel, Steve Mclaren takes his team to Barcelona to play Andorra tomorrow night. England must get the maximum 3 points for Pub landlords across the country to have any chance of having a bumper summer in 2008.

The super Eights in the cricket start this afternoon with a mouth watering opening game of the current holders Australia versus the hosts West Indies. The winner of this will, in my opinion, go a long way to deciding who will be in the Final.

In rather less important news, this morning we see the release of February mortgage approval figures, and at 9:45 we have 5 members of the MPC discussing the latest inflation report.

Enjoy the rest of your sporting week!

DE

Market Report

GENERAL NEWS
England fail to beat Israel in Tel Aviv and Mac looks set for the knife but the same cannot be said for the Great British pound. Even allowing for the uncertain back-drop of diplomatic relations with Iran the pound is holding up pretty well on the foreign exchanges as we reach the end of the UK Fiscal year.

UK
The Monetary Policy Committee's Gieve is speaking tonight while later this week we look for the March Nationwide house price index (Wednesday) to rise 1.0% month on month while the same day UK Q4 GDP is also being released and is expected to be unrevised at 0.8 % quarter on quarter.

US
Today new home sales data for February is released and with the value of U.S. property in the doldrums and the weakness of the U.S. dollar this will be of interest to anybody who is looking to invest in American real estate. Warmer temperatures in the West and drier conditions in the South should boost overall sales activity, as together, these regions make up roughly 75% of total new sales. Apart from these weather effects, low mortgage rates and builders' reports of increased buying activity suggest further improvement in the new homes sales rate.

Have a good day and great week ahead.

GR

Archived Market Reports