Your Weekly Trading Review by UFX.com – Sunday, March 11, 2018
Here are some of this past week’s leading economic news and events that affected the financial markets:
The Markets in a Nutshell
US Stocks ended the week on top: S&P 500 rose by 1.74%, closing at a value of 2,786.57; NASDAQ rose by 1.79%, ending at a value point of 7,560.81. And the Dow Jones ended with an increase of 1.77%, closing at a value of 25,355.74. The EUR/USD fell slightly by 0.01%, closing the week at $1.2307. The GBP/USD increased by 0.28%, ending at a £1.3850 exchange rate. Gold rose by 2.30 % as of last week’s market close, closing at $1,324.00. Crude Oil rose by 1.92%, closing at $62.04 a barrel.
Merkel and Macron Push EU towards Closer Integration
Leaders Angela Merkel and Emmanuel Macron could unveil their plan to push a Euro Zone reform at a summit of European leaders later this month. Macron strongly believes that the Euro Zone needs its independent budget and finance minister, and that the currency bloc’s rescue fund, the ESM, should be transformed into a channel for assisting member states identify threats of financial volatility. Both leaders are actively pushing to strengthen Franco-German collaboration and give the European Union a new outlook on closer state integration.
EU and Japan Request Exemption from Tax Tariffs
Donald Trump has advanced his plans to enforce taxes on steel and aluminum imports. The European Union and Japan are urging to be exempted from these tariffs and are in negotiations with the US’ trade envoy. EU’s leader has given a clear warning that the zone will retaliate if Washington does not create a lenient atmosphere.
So far, the three parties have created a mutual plan to relinquish the overcapacity volume and unfair market prices of global steel, by implementing stricter rules on subsidies and more transparency when it comes to market information.
That’s our summary of the financial headlines from the past week. Good luck with this week’s trading and stay tuned for the next review from UFX.