Market Review

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Daily Review: 19.08.2016

August 19 - UK retail sales show strong beat as British consumers shrug off Brexit gloom

UK retail sales surged by a bigger than expected 1.5% in July, backed by Britain’s shoppers who have defied any economic uncertainty in the immediate effect of EU referendum, according to the Office of National Statistics.

The retail sales rebounded from its previous fall of 0.9% in June and were surprisingly stronger than the 0.2% increase predicted by the economists.

The jump in retail sales volume was driven by the warm weather and the plunge in pound that boosted tourist spending. Sales of watches and jewelry were up by 16.6%, the biggest rise in nearly two years.

British pound hit its two-week high as it spiked against the dollar following the data release, rising by as much as 1.225 to close at $1.3172, its highest level since August 5.

Stocks inch up as energy, Walmart boost gains

US stocks finished slightly higher on Thursday as Brent oil price closed above $50 a barrel and Walmart settled to a 14-month high.

The Brent crude LCOc1 touched above $50 for the first time in six weeks, ahead of a possible output freeze from major producers, prompted the energy index .SPNY to jump 1.8%.

Walmart, on the other hand, registered its 14-month high of $74.30, adding 1.9%, after the retailer showed a better-than-expected quarterly profit.

The S&P 500 .SPX rose 4.8 points, or 0.22 percent to close at 2 187.02. The benchmark S&P index is 7% up since Dec 31 last year.

The Dow Jones Industrial Average .DJI added 23.76 points, or 0.13%, to finish 18 597.7 while NASDAQ Composite .IXIC rose 11.49 points, or 0.22%, to settle at 5240.15.

* The above data have been obtained in part from third parties, including other websites, and are presented "AS-IS". Users should bear in mind that the information published in this review may be subject to changes in face of constantly changing market trends. This information should not be construed as advice and / or substitute for professional marketing consulting nor can it take into account the special needs of each trader. Moreover, this information should not be considered a recommendation to invest and / or execute transactions and / or deposits of any kind.
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