Canadian shares ended at record territory on Friday to deliver the third weekly gain, driven by another rally in the heavyweight materials sector. Gold prices extended their upward momentum, hovering near seven-week highs and pushing shares of precious metal miners deep into the green. On the data front, the latest figures showed Canadian investors acquired $10.5 billion of foreign securities in February, continuing a trend of net purchases that began in May 2020. goeasy Ltd and Canfor Corp were among the biggest gainers on the TSX, up 9.0% and 7.1%, respectively.
道琼斯指数和标准普尔500指数收盘创新高，因对经济强劲复苏的乐观情绪以及第一季度财报季高调开盘，华尔街本周收官强劲。美国住房开工率升至2006年以来最高水平，而周四公布的数据显示，消费者支出和就业市场均出现强劲反弹。在企业方面，摩根士丹利（Morgan Stanley）继同行摩根大通（JPMorgan Chase）、美国银行（bank of America）、富国银行（Wells Fargo）、花旗集团（Citigroup）和高盛（Goldman Sachs）取得积极业绩后，成为最新公布强劲盈利的银行。除此之外，美联储（federalreserve）承诺，尽管经济前景如此好转，但仍将维持低利率，令市场情绪继续高涨。
The Dow Jones and S&P 500 finished at fresh records, as Wall Street wrapped up the week with solid gains amid optimism about a robust economic recovery and as the first-quarter earnings season started on a high note. Housing starts in the US rose to the highest level since 2006, while data released on Thursday pointed to a strong rebound in both consumer spending and the jobs market. On the corporate front, Morgan Stanley became the latest bank to report strong earnings, following positive results from its peers JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Goldman Sachs. On top of that, the Federal Reserve's pledge to keep interest rates low despite such an improved economic outlook kept sentiment elevated.
The dollar index lost significant ground this week, moving away from the 92 region to break below 91.50 for the first time in a month. The market moves came in tandem with a retracement in Treasury yields, which bottomed around monthly lows of 1.55%. On top of that, the ongoing outperformance of the US economy failed to offer lasting support. A slew of data releases in the US calendar, including upbeat retail and jobless claims data, drove investors into riskier assets. Aside from the economic indicators, the Federal Reserve’s insistence that it will keep financial conditions as lenient as possible until the US economy heals from the effects of the coronavirus pandemic seems to be making it difficult for the greenback to attract new investors.
The CAC 40 extended gains for the fourth straight session to close 53 points or 0.9% higher at 6,287 on Friday, a level not seen since November of 2000 and in line with its European peers, as investors focused on upbeat economic data in the US and China. On the vaccination front, the French Health Minister said virtually all seniors living in retirement care homes have received one shot of the coronavirus vaccines, which has cut fatalities in retirement homes down to 300 per week, from 700 weekly deaths in January. On the pandemic front, the government expects to reopen cultural and leisure venues in mid-May, while the country’s COVID-19 death toll hits 100 thousand. On the data front, car registrations in France soared 192% in March from a year earlier. On the earnings front, L’Oreal posted a 5.4% jump in Q1 sales from a year earlier, with increases seen in most of its divisions, while consumer products such as make-up lagged behind. For the week, the index jumped 2%.
Producer prices in Russia soared 16 percent year-on-year in March of 2021, accelerating from a 10.7 percent jump in the previous month. It was the biggest increase in producer prices since November of 2018, as prices advanced faster for manufacturing (14.4 percent vs 12.1 percent in February); mining (28 percent vs 9.9 percent); and water supply (3.8 percent vs 3.4 percent). Meantime, electricity, gas, steam & air conditioning cost slowed (4.7 percent vs 5.2 percent) On a monthly basis, producer prices advanced 3.6 percent, following a 3.5 percent gain in February.
The FTSE 100 rose 0.5% to 7,020 on Friday, the highest level since February 2020, due to the prospect of a strong economic re-opening in the UK helped by its rapid vaccine rollout and government policy support. Elsewhere, a batch of Chinese and US economic data raised hopes of a solid economic recovery. On the corporate front, shares of Man Group rose after the hedge fund manager posted a rise in funds it manages and said it expected its customers to put in more money in the coming quarters.
European stocks booked a seventh straight week of gains, the longest winning streak since May 2018, with Frankfurt's DAX 30 ending at a new all-time high of 15,460. Upbeat US and Chinese economic data boosted hopes of a global economic recovery, while strong results from Germany’s Daimler boosted carmakers. China reported record 18.3% growth in the first quarter and 34.2% jump in March's retail sales; while US data released on Thursday showed retail trade rose in March by the most in 10 months and weekly jobless claims dropped last week to an over year low. In Europe, the number of new car registrations in the EU climbed 87.3% year-on-year in March.
The FTSE MIB consolidated gains to 1-week highs on Friday afternoon, coming in line with its European peers, after hovering above the flatline earlier in the session. Market sentiment was uplifted by upbeat economic data in the US and China, while additional support for the key Italian stock index came from news of anticipation of the reopening deadlines to April 26th, previously starting in May. Italian PM Mario Draghi presented the next steps to reopen the economy, which include the reintroduction of the yellow zones with looser restrictions, outdoor restaurant services and travel between regions. On the corporate side, the Italian securities market regulator authorised Euronext’s acquisition of Borsa Italiana from the London Stock Exchange for €4.3 Billion. Meanwhile, Stellantis shares rose on reports that car registrations in March surged 87.3% in the EU and soared 497% in Italy, compared to the same month last year. For the week, the index is on track to rise 1%.
初步估计，密歇根大学（University of Michigan）2021年4月对美国的消费者信心指数从上月的84.9升至86.5，但低于市场预期的89.6。这是自2020年3月以来的最高读数，主要是由于当前经济状况的改善（3月为97.2比93.0），而未来经济前景与3月持平（为79.7）。”消费者调查公司首席经济学家理查德柯廷（richardcurtin）表示：“4月初，消费者报告称，由于创纪录的刺激支出、低利率以及疫苗接种的积极影响，经济增长迅猛，就业岗位增加强劲。”他补充称，当前经济状况的强劲反映出，过去一年的经济刺激支出远高于以往，与去年的停产相比，经济收益也远高于以往。
The University of Michigan's consumer sentiment for the US rose to 86.5 in April 2021, from 84.9 in the previous month but below market expectations of 89.6, a preliminary estimate showed. It was the highest reading since March 2020, mainly due to improving current economic conditions (97.2 vs 93.0 in March), while future economic prospects remained unchanged from March (at 79.7). "Consumers in early April reported surging economic growth and strong job gains due to record stimulus spending, low interest rates, and the positive impact of vaccinations", Surveys of Consumers chief economist, Richard Curtin, said. "The strength in current economic conditions reflects much larger than usual stimulus payments during the past year, and much larger than usual economic gains due to comparisons with last year's shutdowns.", he added.
Canada's main stock index traded at record levels on Friday and was heading for the third consecutive of gains, with the benchmark S&P/TSX composite trading above 19,350 driven by a massive rally in the heavyweight materials sector. Gold prices extended the upward momentum, trading at 7-week highs and strong data out of the US and China kept sentiment elevated. On the data front, latest figures showed Canadian investors acquired $10.5 billion of foreign securities in February, continuing a trend of net purchases that began in May 2020. Meanwhile, foreign investment in Canadian securities reached $8.5 billion, led by strong acquisitions of Canadian shares.
Building permits in the United States rose 2.7 percent from a month earlier to a seasonally adjusted annual rate of 1.766 million in March 2021, from the previous month's 1.720 million and above market expectations of 1.75 million. Single-family authorizations advanced 4.6 percent to a rate of 1.199 million while permits for the volatile multi-segment dropped 1.2 percent to a rate of 567 thousand. Across regions, permits went up in the South (6.4 percent to 915 thousand) and the Midwest (2.0 percent to 254 thousand).
Housing starts in the US soared 19.4 percent month-over-month to an annualized rate of 1.739 million in March of 2021. It is the highest reading since June of 2006, easily beating market expectations of 1.613 million. Single-family housing starts jumped 15.3 percent to 1.238 million and the rate for units in buildings with five units or more increased 30 percent to 477,000.
Wholesale sales in Canada decreased 0.7 percent month-over-month to CAD 68.8 billion in February of 2021, compared to initial estimates of a 0.4 percent drop. It was the second decline in three months. Despite the drop, sales in February were the second highest on record for the sector. Sales were lower in four of the seven subsectors, led by building material and supplies, and motor vehicle and motor vehicle parts and accessories.
Foreign investors bought a net CAD 8.5 billion in Canadian securities in February of 2021, reflecting strong foreign investment in securities from the corporate sector, moderated by a continued large divestment in securities from the federal government sector. Foreign acquisitions of Canadian shares reached CAD 9.5 billion in February, the largest investment in four years. The investment in the month was in both new and outstanding shares. Meanwhile, Canadian investors acquired CAD 10.5 billion of foreign securities in February, continuing a trend of net purchases that began in May 2020.