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Well it had to happen eventually. Global equity markets were down for the week on concerns over the European Central Bank’s decision Thursday to deploy additional fiscal stimulus, and a lukewarm U.S. jobs report on Friday that showed a sharp slowdown in U.S. hiring growth last month (although previous months were revised up - January’s payroll gains were revised upwards to 311K for the biggest two month increase in jobs created in 2.5 years).

Market corrections are normal, particularly after such a strong run year to date.

Weekly returns to 8 March 2019 
(AUD return far right- hand column)

190311_1Source: Bloomberg


  • 10-Year Treasury yield: -12bp to 2.63%
  • WTI crude oil: +0.46% to US$56.07
  • AUD/USD: -0.03% to 70.34

The week ahead

This week we have a crowded economic calendar with a focus on inflation. Of special interest will be retail sales and new home sales for January. Small business optimism is important as well as the Michigan Consumer Sentiment index.

190311_5Source: briefing.com

Charts of the week

  1. Smartphones now ex-growth phase but 5G to the rescue beyond 2020.

  2. We're living through the longest bull market ever. The S&P 500 Index has increased more than fourfold in value, producing a total return of 410% (17.7% annualised) while rising 314% in price.

  3. Largest Companies in March 2009 and now.


  4. Why Amazon is going after groceries: it is the most under-penetrated category by far.

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