Economic data released last week was very mixed. On the positive side, Eurozone industrial production in February posted its strongest monthly increase for 10 months, whilst Eurozone deflation eased to -0.1% in March (from -0.3% in February), and US retail sales in March recorded their first increase for 4 months after an unseasonably cold winter. On the negative side, US industrial production fell in March whilst Chinese industrial production rose at its slowest pace since 2008, alongside Chinese retail sales which rose at their slowest pace since 2006.

Stock markets largely posted a week of negative performance. The FTSE 100 index fell by 1.34% over the course of the week; the S&P 500 index fell by 0.99%; the Dax index fell by 5.54%; whilst the Nikkei index fell by 1.43%. In sovereign bond markets, the UK 10-year Gilt yield is currently at 1.71%, the US 10-year Treasury yield is at 1.89% and the German 10-year Bund yield is at an incredibly low 0.08%.

Economic data due for release this week is both limited and focused on Europe, with purchasing managers’ indices for the Manufacturing and Services sectors likely to be the highlight.

Monday:

None

Tuesday:

Germany – ZEW economic sentiment survey

Wednesday:

None

Thursday:

UK – Retail sales

Eurozone – Manufacturing PMI

Eurozone – Services PMI

Friday:

Germany – IFO business climate survey

US – Durable goods orders

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