9 April 2018

Bassanese Bites: Earnings to the rescue? – Week beginning: 09 April 2018

Global equities on balance ended down again last week as, after a few days of hopeful chatter on a US-China trade deal, Trump again let fly on Friday with a threat to impose tariffs on a further $US100 billion of Chinese imports. That caused the S&P 500 to sag 2.2% on Friday and unwind the hope built up in previous days. Technically, the S&P 500 ended the week at what appears a critical level – just above previous lows in the pullback so far around 2580, and also close to trend line support from the early 2016 low. So far at least, the market is down around 10% from its late January peak – meaning we’re still only in mild “correction” territory.

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