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Nuclear D-Day

Published Tuesday, March 31st, 2015

A fresh bout of merger activity and increasing bets that China will do more to bolster growth countered uncertainty over the outcome of Iranian nuclear talks and Greek debt jitters to send global stocks rallying. The risk-on environment was also buoyed by encouraging inflation data from the eurozone with preliminary figures showing German consumer price growth returned into positive territory in March. Moreover, the rate of Spanish deflation decelerated over the same period and follows on from last week’s solid 1Q GDP release. Meanwhile, the supportive effects of QE and a weaker euro were seen as continuing to underpin risk appetite with the latest survey of economic sentiment across the bloc improving to an almost four-year high.

The release of promising US economic data also helped reinforce the upbeat mood as personal incomes recorded a bigger-than-expected jump of 0.4% in February while pending home sales climbed to an 18-month high. Similarly, there was a welcome, albeit slightly lower than forecast, rebound in US consumer spending after it dipped by 0.2% in January. Investors will now be hoping that these robust datasets will be mirrored by Friday’s all-important US jobs report. The final piece of the bullish jigsaw came from Janet Yellen’s mildly dovish remarks at the tail end of last week which were cheered by the markets after she reiterated that any tightening of policy would be gradual and data-dependent.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.