The markets were mixed this week as the initial risk off sentiment led by the failed Doha talks last Sunday saw the markets open weaker on Monday. But it was only a matter of time before the markets recovered as oil prices managed to reverse and turn strongly higher. The risk on rally sent the US equity markets higher as the Dow Jones Industrial Average briefly traded near the 18,000 handle.Economic data was also mixed, especially in the US. Housing starts and building permits fell 8.80% and 7.70% respectively. However, existing home sales managed to rise 5.10%, beating estimates of an increase of only 3.90%. The US dollar was trading weaker in the first part of the week before managing to trim its losses by Thursday.
Oil Gains for Third Consecutive Week – Despite Weak Fundamentals
Weekly Report - 24/04/2016