RockCreek Daily Market Update

GLOBAL MARKET SNAPSHOT 

Equity Markets:
Global equities stabilized on Tuesday with two notable expectations - China (Shanghai -1.5%) and Turkey (BIST -2.0%). Chinese A shares declined ahead of the resumption of cabinet level trade negotiations, while Turkish stocks were lower on a sharp jump in lira.  In the U.S., growth concerns waned supporting small caps, energy +1.4%, and financials +1.1%. 

Bond Markets:
Treasury yields rose along the curve with improvement in risk sentiment.

Currency Markets:
The U.S. dollar index gained +0.3%. The risk barometer AUD/JPY gained +0.9%. Turkish lira surged as the government has made the cost of borrowing offshore extremely restrictive to deter short sellers. 

Commodity Markets:
The Bloomberg Commodity Index rose +0.1%. The index was buoyed by a rise in crude oil as WTI and Brent prices climbed +2.1% and +1.2%, respectively. The rise came despite an API report showing a surprise build in inventories last week.

MACRO OVERVIEW

Coming on the back of yesterday’s strong business sentiment report, Germany’s GfK Consumer Climate Study for March showed a weakening of consumer sentiment. The headline index slipped 0.3 points to 10.4, while expectations were for a modest increase to 10.8. Favorable was the improvement in economic expectations, but income expectations and propensity to buy declined.

Homebuilding in the U.S. slowed more than expected as housing starts and permits declined by -8.7% and -1.6% month-over-month in February. 

 

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The information contained herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or to participate in any strategy. Nothing contained herein shall be relied upon as a promise or representation as to the past or future performance.   This material represents the views of RockCreek.  This information should not be construed as investment advice. Some of the information may be provided to discuss general market activity, industry or sector trends, or other broad-based economic, market, or political conditions.  Information and opinions are as of the date of this material only and are subject to change without notice.  RockCreek has no obligation to provide any updates or changes to such information. The opinions, forecasts, assumptions, estimates, and commentary contained in this material are based on information provided to RockCreek on both a formal and informal basis.  Further, any such opinions, forecasts, assumptions, estimates, and commentary are made only as of the date of this material, are subject to change at any time without prior notice and cannot be guaranteed as accurate.

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