WEEKLY MARKET UPDATE 7th MAY:
It was a strong week for global equity markets as positive economic updates here and in the United States were supported by strong quarterly earnings updates from the large US companies. Locally, the Bank of England gave a positive assessment highlighting a strong 2021. The Bank of England meeting gave plenty of grounds for optimism with the bank raising forecasts to predict the best year of growth since the second world war. The dramatic upgrade in growth forecasts saw the bank predict a rate of 7.25% over the course of 2021, up from the February outlook for 5%.
||Weekly performance up to 7 May 2021
|FTSE 100 (UK)
|Dow 30 (US)
|Euro Stoxx 50 (Europe)
|Nikkei 225 (Japan)*
*closed Monday 3 May to Wednesday 5 May
In terms of £ Sterling, it closed the week (to 7 May), at 1.40 US Dollars, which was 1.1% higher than the figure at the end of the previous week (30 April).
Against the Euro, £ Sterling closed on 7 May at 1.15 Euros, which was down 0.1% on the closing figure on 30 April.
Inflation, as measured by the Consumer Prices Index including owner occupiers’ housing costs (CPIH), was 1.0% in March 2021 (this is March’s data which is reported in April). This was up from 0.7% in the previous month, with rising prices for motor fuels and clothing causing the largest upward contributions to the change. The 12-month rate for the Consumer Prices Index (CPI) rate which excludes owner occupied housing costs and council tax was 0.7% in March, up from 0.4% in February.
There were no further changes to the Bank of England base rate last week following the two previous cuts in March. The current rate remains at 0.1%.
The Omnis Managed funds, Openwork Graphene Model Portfolios and Omnis Managed Portfolio Service provide you with a diversified asset allocation in line with your Attitude to Risk, investing in Developed Market Equities, such as UK, US, Europe and Asia Pacific as well as Emerging Market equities. Cautious and Balanced investors will also have significant holdings in UK and Global Bonds, as well as Alternative Strategies. We believe this multi-asset approach aims to minimise global equity market falls in volatile periods.
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