Weekly Market Summary

by Raymond Chatlani

On Monday, Asian stockmarkets slipped on persistent anxiety over the tension in the Middle East and in Japan after the destructive quake and tsunami two weeks ago. European markets closed slightly up on low volume. US indices fell slightly as developments in Japan, Libya and the Middle East kept traders wary.

On Tuesday, Asian markets closed mixed with Japan, China, Indonesia and Singapore falling slightly with the rest of Asia gaining. European stockmarkets closed slightly down as capital concerns hit the banks on S & P's downgrades on Portugese and Greek debt. US stocks gained on tech strength and energy shares though volume was light.

On Wednesday, Asian stocks rose as investors were drawn back to riskier assets by attractive valuations, while Japanese exporters were helped by the yen's weakness on expectations of interest rate rises in Europe. European stockmarkets rose on miners. US markets rose as data showed private employers added jobs in a sign of economic improvement and acquisition activity lifted sentiment. Private employers created 201,000 jobs in March, according to ADP Employer Services, a rise that was in line with expectations.

On Thursday, Asian indices rose except for China. European markets fell after Ireland put a 70 Billion Euro price to prevent their banks from going under should conditions deteriorate. US stockmarkets closed mixed and flat although a report showed U.S. jobless claims fell last week and data pointed to improving employment in the Midwest. The U.S. economy probably recorded a second straight month of solid job growth in March, when non-farm payrolls rose by 190,000 according to a Reuters poll, proof the labour market has turned the corner after lagging the broader economic recovery.

Asian shares rose on Friday as markets digested news that China's official purchasing managers' index rose in March from a six-month low, but was still a touch under the Reuters median forecast. European shares rocketed sharply higher and US markets rose as the US unemployment rate fell to a two year low of 8.8%.

Last week was another good week for global equities which have risen two weeks in a row with oil hitting a two and a half year high this morning and gold and silver close to their recent highs. The improvement in the US unemployment rate has been the main catalyst for these gains as investors feel that the US is in the early stages of a sustainable recovery in employment. More jobs means more income and more consumer spending which will encourage corporate companies to expand their businesses