This is our weekly market update where we start in the US, cross to Europe and Asia and end in Australia, covering commodities and crypto on the way. It’s the digest I use to help me understand what’ happening, and I hope it may help you too, despite the fact that this show actually takes longer to make than my others and tends to get lower views. But it’s the critical underpinning of all my work, so it’s really important! And be warned we cover a lot of ground!
This was another complex week, with waves of news, directives, trade issues and economic data causing ripples across markets, against the backcloth of reinvigorated inflation fears, and questions of whether Central Bankers are really as smart as they like to think. The global MSCI index was pretty flay across the week, but down 0.67% on Friday, while the European STOXX 600 rose 0.59% across the week, having closed at a record high on Thursday, helped by mostly robust company earnings but also falling on Friday.
US equities closed broadly lower after the economy added fewer new jobs last month than expected, and a survey found consumers increasingly worried about rising prices, bolstering the case for the Federal Reserve to hold rates steady for longer.
U.S. job growth slowed more than expected in January, likely restrained by wildfires in California and cold weather across much of the country, but a 4.0% unemployment rate probably gives the Federal Reserve cover to hold off cutting interest rates at least until June.
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