Stocks End Week at Records on Economic Optimism

US stocks ended the week at all-time highs as Chinese growth data added to signs of a global economic recovery. The dollar slipped. The S&P 500 rose by 0.36% to 4,185.47 while Dow Jones was up 164.68 points (0.48%) to 34,200.67.

US Consumer Sentiment Rises Along With Inflation Expectations

US consumer sentiment improved in April following another round of fiscal stimulus and as job growth accelerated. At the same time, inflation expectations surged to the highest in nine years. The University of Michigan’s preliminary sentiment index rose to 86.5 from 84.9 in March. A surge in pent-up consumer demand is expected to propel the US back to its pre-pandemic strength.

Fed’s Waller Says US Economy ‘ready to Rip’ With Strong Growth

The US central bank should continue to maintain monetary stimulus even as the US economy is starting to experience rapid growth, said Federal Reserve Governor Christopher Waller. He said that just because the growth rates are really good and everything’s looking like they’re heading out in the right direction, they’re still trying to make up a lot of ground.

Europe Car Sales Surge 63% in March, Erasing Earlier Decline

Europe’s auto sales soared last month from a depressed level a year ago, making up for a dismal start to the year even as virus-related restrictions persisted in key markets. New car-registrations rose 63% in March. The gains erased an early-year decline to leave sales up 0.9% for the quarter. The 1.39 million vehicles registered was the highest since June 2019.

UK Population Growth Slowed Sharply at the Start of Pandemic

The UK population grew at its slowest pace since 2003 in the year through the middle of 2020 and may have fallen since then as the coronavirus prompted a departure of foreign workers, a preliminary government estimate shows. The Office for National Statistics said provisional data suggest the number of people living in the country rose to 67.1 million in June 2020, an increase of 316,000 or 0.5% from the first half of 2019.

China Job Market Still Showing Strains After a Year of Recovery

China’s labor market is still showing signs of strain a year after the pandemic hit. The economy is facing both a shortage of skilled workers and high and rising unemployment among young people. Those issues seem to have caught the attention of top leadership, with President Xi calling for more high-level vocational schools and more training of skilled workers to improve the manufacturing and services industries.

Bank of Thailand Unfazed by US Currency Watchlist Inclusion

BOT has responded to the US decision to keep the nation on watch for currency manipulation by asserting it has stepped into the market only to curb volatility in the baht. The central bank is committed to exchange-rate flexibility, with “interventions limited only to curbing excessive volatility and rapid movements of the baht on both sides,” Assistant Governor Chantavarn Sucharitakul said.

Oil Has Best Week Since Early March on Improving Demand Outlook

Oil posted the biggest weekly gain since early March as economic data in the US and China strengthened expectations for a recovery in global fuel demand. Brent crude for June settlement declined US$0.17 to US$66.77 per barrel.

Source: Affin Hwang Research - 19 Apr 2021