Monthly Market Report - March 2017

24th February 2017

With commentary from David Stevenson

I think it’s fair to say that the mood amongst many institutional investor’s is moderately bullish at present. The Wall Street consensus is that the real-world economy is in fairly decent shape which should be good for corporate profits. Only a few weeks ago, for instance the US ISM Manufacturing survey for January (components such as production and new orders are fairly predictive) produced a strong set numbers whilst equivalent numbers in Europe for manufacturing new orders were close to a five-and-a-half-year high.  The US labour market remains in good and still improving shape, with the behaviour of wages paying increasing testament to the fact that most of the people who want work, have work – employee bargaining power is rising correspondingly. Even global trade seems to be picking up based on new numbers. Crucially for investors, the earnings season on both sides of the pond is showing the corporate sector in decent and improving health, something that the survey data above suggests we can expect more of.  

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