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The Site has been approved for issue in the UK by Harrison Rowe Financial Planning Limited trading as Harrison Rowe Private Wealth. Harrison Rowe Financial Planning is authorised and regulated by the Financial Conduct Authority (“FCA”), and is entered on the Financial Services Register with the firm reference number 208467.
Harrison Rowe Financial Planning is part of a global group of businesses known asThe Harrison Rowe Group. Harrison Rowe Financial Planning Limited is registered in England and is established at 56, Wentworth Road, Blacker Hill, Barnsley, United Kingdom, S74 0RP, which is its registered office.
Unless otherwise stated in relevant sections of the website, this website is targeted at investors who are generally classified as qualified, professional, accredited or institutional. The information contained in this website is directed only at persons in a country or jurisdiction where access to the information and the use thereof is not contrary to local law or regulation. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction when accessing the information contained in this website. In particular, no offer or invitation is made to any US persons (being residents of the United States of America or partnerships or corporations organised under the laws of the United States of America or any state, territory or possession thereof), who are excluded from the services, funds and products included in this site. There will be no public offering of services, funds and products in the United States.
The services, funds and products will not generally be available to U.S. Persons.
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In these Terms
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From this Site we may provide information or hyperlinks to other websites or pages provided by other entities within the Harrison Rowe Group (‘Local Sites’) and other parties. Your use of Local Sites and other parties’ sites may be subject to their own terms and conditions. You should read them.
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Changes to our Terms
You acknowledge that we may amend these Terms from time to time, at our sole discretion. If we elect to amend these Terms, the revised version will be posted on the Site. You undertake to check the Site regularly for any changes we may have made since your last visit to the Site, since any such changes will be binding on you. By using the Site after we have changed or amended these Terms, you acknowledge that you will be accepting those changes or amendments.
These Terms & Conditions were last updated on 6th February 2019.
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The Content, including layout, of this Site or products or services available via this Site may be wholly or partially suspended, withdrawn or changed at any time.
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To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.
Data protection and Privacy
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Weekly Market Update April Thursday 9th 2020
Stocks surge on signs of slowdown in coronavirus infections
Stocks recorded one of their best weekly gains on record, as some encouraging trends in global coronavirus infection and hospitalization rates lifted hopes that stay-at-home orders might soon be eased. The most beaten-down asset classes fared best, with small-caps outperforming large-caps and slower-growing value shares outpacing higher-valuation growth stocks. The same was true among sectors of the S&P 500 Index, with energy shares and financial services shares regaining some lost ground, while consumer staples stocks lagged. The gains brought the large-cap indexes and the technology-heavy Nasdaq Composite Index within 20% of their February highs—or out of bear market territory, according to some definitions. U.S. markets were closed Friday in observation of the Good Friday holiday.
Fed announces massive new loan program, while additional fiscal stimulus is under discussion
Hopes for further stimulus measures to combat the economic slowdown also seemed to support sentiment. On Tuesday, House Speaker Nancy Pelosi was quoted as telling members of her party that the next phase of fiscal stimulus would include another $1 trillion in support to the economy, including direct payments to individuals, extended unemployment insurance, and new small business loans. At a press conference early in the week, President Donald Trump stated that another round of stimulus was “absolutely under serious consideration,” and talks between the administration and congressional leaders were reportedly underway.
On Thursday morning, the Federal Reserve announced an even larger stimulus program, promising $2.3 trillion in loans to smaller businesses and municipalities. The Fed also announced it would allow investment in lower-quality debt as part of its Term Asset-Backed Securities Lending Facility and other emergency lending programs.
Over 10% of U.S. workers have lost jobs
The week’s economic news appeared to justify the Fed’s aggressive action. On Thursday, the Labour Department reported that 6.6 million Americans had filed for unemployment benefits in the previous week, only slightly lower than the record-setting number in the previous report and well above consensus estimates. As an illustration of the unprecedented contraction in the labour market, the 17 million jobs lost since mid-March totalled over 10% of the U.S. workforce. Relatedly, the University of Michigan’s consumer sentiment index’s preliminary reading for April recorded its largest drop on record, bringing it back to levels last seen in 2011.
Equities in Europe rose over the week, as the slowing deaths from the coronavirus raised hopes that country lockdowns may soon be eased. The STOXX Europe 600 Index ended 6.62% higher. Germany’s Xetra DAX Index climbed more than 11%, France’s CAC 40 Index gained 7.62%, and Italy’s FTSE MIB was up around 5%. The UK’s FTSE 100 Index surged 7.83%.
Coronavirus deaths slow, but new infections rise
Spain, France, Italy, and the UK said early in the week that new coronavirus deaths were beginning to decline. The number of patients in intensive care in Italy declined for the first time. European officials noted that there are tentative signs that strict lockdown measures are beginning to help slow the spread of the virus.
The Financial Times said governments across Europe have begun preparations to ease lockdowns when infection curves are under control. Denmark said that kindergartens and primary schools will reopen from April 15. The Czech Republic said shops selling some nonessential goods could reopen from Thursday. Austria said small shops, DIY stores, and garden centres would be able to open from April 14. Italian Prime Minister Giuseppe Conte told the BBC that some restrictions in Italy may gradually be removed by the end of April. However, concerns rose at the end of the week that the implementation of lockdown exit strategies may be delayed after data showed fresh infections were still rising in Germany, Italy, Spain, and the UK.
Still no agreement on eurozone rescue package
Eurogroup finance ministers were set to resume their meeting on Thursday to try to agree on a package of measures to support economies struggling with the impact of the coronavirus pandemic. So far, they have failed to reach an overall agreement after 16 hours of talks. The Dutch, backed by Germany, are resisting the unconditional use of the European Stability Mechanism, while France and Italy insist on a temporary reserve fund, financed by joint bond issuance, to support fiscal policy in the most indebted countries. Germany has rejected this proposal.
Stocks in Japan recovered nearly the entire prior week’s losses through the close on Thursday. The Nikkei 225 Stock Average advanced 1,526 points (8.5%) and closed at 19,345.77, down 18.2% for the year-to-date period. The large-cap TOPIX Index and the TOPIX Small Index also posted good gains for the week but have returned -17.7% and -22.0%, respectively, in 2020. The yen was modestly weaker for the week and traded in a range near ¥109 per U.S. dollar on Thursday.
Recession a near certainty
The latest Reuters poll of economists shows the Japanese economy is expected to endure recessionary conditions (typically defined as consecutive quarters of declining economic growth). The poll showed that economists forecast an economic contraction of 3.7% year over year in the first quarter of 2020, following an unexpectedly steep 7.1% decline in the fourth quarter, as the U.S.-China trade war and the October 1 consumption tax increase choked consumption and businesses slashed capital spending at the fastest pace since the global financial crisis in 2008.
Markets were closed for the Ching Ming holiday
Markets were closed for the Ching Ming holiday on Monday. Taking their cue from the rally in global markets on better coronavirus numbers, they opened higher on Tuesday. From the previous Friday to Thursday, the Shanghai Composite and CSI 300 large-cap index both rose by around 2.2%.
China ended its lockdown of Wuhan, the original epicentre of the coronavirus outbreak. Travel hubs were reportedly extremely busy after an 11-week lockdown as stranded Lunar New Year travellers and migrant workers were finally able to return home or to their place of work. Fear is still evident, as some travelled in full protective clothing. On the other hand, many Wuhan residents were reported to have visited popular local beauty spots, an encouraging sign that normal behaviour may return quickly in the absence of a second wave of infections.
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