Market's evolution 27 of April to 01 of May 2015

Market's evolution 27 of April to 01 of May 2015

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Bassist week in the major stock indexes. The main focus of concern remains Greece, although macroeconomic data have not helped.

This week, we have seen how the Greek Prime Minister, Alexis Tsipras, has departed from the frontline of negotiations with supranational institutions to known finance minister, Yanis Varoufakis. Instead, entered the number two of foreign affairs, Euclid Tsakalotos. Closely follow how negotiations proceed in the coming weeks, while we are waiting for the next meeting of the Eurogroup on May 11.

On the macroeconomic side, most data have taken a negative bias. In the US, consumer confidence (TCB), consumer spending and manufacturing PMI data were recorded below expectations. In Germany, bad labour market data and UK have experienced a disappointing GDP and PMI manufacturing. On the positive side, we highlight the annual CPI in the euro zone, which recorded a + 0.0% vs. -0.1% expected.

With regard to currencies and commodities, the euro has appreciated strongly relative to other currencies, while gold trades flat around 1178 USD/Oz and oil rose + 1.79% to 66.46 USD Barrel/Brent.

Over the next week, we will know the other PMI manufacturing and services of relevance, and listen to the words of the president of the Fed, Janet Yellen. Data on the US labour market and housing market in UK is also published.