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Market Reports

Friday 24th February 2017 13:00

Cautious tone on Friday

Investors adopted a cautious tone on Friday as European stocks pared a third straight week of gains before a major speech from U.S. President Donald Trump. 

In New York, the Dow Jones Industrial Average closed on Thursday at 20,810, another record, while the benchmark S&P 500 finished within a fraction of its best ever level. 

The FTSE All-World equity index, which on Thursday hit a record intraday high of 295.96, was down 0.2% on Friday to 294.80 after a soft Asian session bled into a sour performance in Europe.  The Euro Stoxx 600 was down 0.6% as resources groups and the banking sector weigh.

Japan’s Topix fell 0.4%, while Hong Kong’s Hang Seng lost 0.6% and Australia’s S&P/ASX 200 was 0.8% lower, weighed down by materials stocks after a sharp fall for some base metal prices overnight. China’s Shanghai Composite was an outlier, but only just as it added 0.1%.

Sovereign debt investors appear not to share the economic optimism of their equity-focused peers.  The yield on the US 10-year Treasury wa down two basis points to 2.37%, a two-week low.  Equivalent maturity German Bund yields are off 4bp to 0.20%, their most meagre offering since the beginning of January.

The price of gold was up 0.5% on Friday to $1,256 an ounce, it’s most expensive in three months.

Oil prices gave back some of Thursday’s rally, which followed a report from the American Petroleum Institute that showed an unexpected drop in crude inventories last week. Brent crude, the international benchmark, was down 0.5% to $56.29 a barrel,


This article was compiled by BOV Asset Management Limited, a member of the BOV Group. BOV Asset Management, TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000. Email: infoassetmanagement@bov.com Internet address: www.bovassetmanagement.com. BOV Asset Management is licensed by the MFSA.

 

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