Spreadex Weekly Review - 8 March 2010

Posted on | March 8, 2010 |

Last Weeks Market Movements

Fears of a double-dip recession in the UK have calmed somewhat, and the FTSE hit an 18 month-high Friday, led by banks and mining stocks.

Sterling bounced back on Wednesday after hitting a 10-month low against the dollar on Monday. Successful issuance of Greek 10 year bonds raised 5 billion euros, and a pledge of assistance from French President Nicolas Sarkozy instilled more confidence in the euro.

In the US, unemployment remained at 9.7%, and productivity rose 6.9% in Q4 on an annualised basis, pushing stocks ahead.

Strong results from US retailers such as Gap, Nordstrom, and Limited Brands showed consumer spending is on the rise.

The Week Ahead

Oil services company Petrofac has high expectations to meet on Monday with its year-end results, and homebuilder Bovis is forecast to follow competitor Persimmon’s positive results from last week.

Tuesday holds the British Retail Consortium retail sales monitor, and Greek Prime Minister George Papandreou meets with US President Barack Obama.

Returning to energy on Wednesday, Tullow Oil’s earnings coincide with the weekly EIA Petroleum Status report. An important guide for issuance of federal notes and bonds, the US Treasury Budget, comes that afternoon.

Thursday’s International Trade Report and Jobless Claims will be carefully watched, and Morrison Supermarkets and Old Mutual release earnings.

Two key indicators of economic growth in the US, Retail Sales and preliminary estimates for Consumer Sentiment, are announced Friday, and JD Wetherspoon finishes off the earnings week.

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