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US equities hit five-month low
- Tuesday, April 19 - 2005 at 14:20
Falling oil prices were unable to prevent US stock markets from sinking away to their lowest levels in five months time. Worries about the economic cycle dominated the scene. Investors dropped cyclicals and headed for non-cyclical sectors.
Economics
This week we expect US headline inflation to have risen in March while underlying consumer price inflation remained stable. Eurozone industrial production likely fell back in February.
The German ZEW business sentiment in April deteriorated probably due to the ongoing fear for higher oil prices. We expect the Japanese trade surplus to narrow in March while the Tertiary sector index likely deteriorated in February.
Focus on Equities
Falling oil prices were unable to prevent US stock markets from sinking away to their lowest levels in five months time. Worries about the economic cycle dominated the scene. Investors dropped cyclicals and headed for non-cyclical sectors.
Among those, pharma benefited from positive news in Lilly's Zyprexa case. The start of a new earnings results season was marked by a wave of bad news in the technology sector.
Foreign Exchange
Euro/Dollar: Daily indicators turned bullish suggesting an upward correction back to the 1.3000/ 1.3050 range.
Dollar/Yen: The dollar broke out of its long term downtrend channel suggesting further gains with 110.00 and 111.50 as next resistance levels.
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Internaxx
Tuesday, April 19 - 2005 at 14:20 UAE local time (GMT+4)
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This article was updated on Sat May 26 2007.
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