Weekly Market Recap
Week in review
- Eurozone composite PMI above 50 to 52.5 for March
- U.S. manufacturing PMI increases to 59.0
- Eurozone consumer confidence rises to -10.8
- Australia building approvals for February
- Australia private sector credit for February
- U.S. March labour market report
Thought of the week
Manufacturing survey data improved through March in both the U.S. and the Eurozone. The Eurozone index is at an all-time high, which may seem to contradict recent news flow from the region, including the slow pace of vaccine distribution and recently re-imposed mobility restrictions across Italy, France and Germany. The timing of the surveys will have had some bearing on this as they occurred before major restrictions were announced. Meanwhile, the pick-up in supplier delivery times as demand comes back faster than supply is also pushing the headline indices higher. Despite these factors the rise in business sentiment indicated by these surveys suggests that companies are prepared to look through short-term set-backs to the economic recovery. Preferring to focus appears to be the continued path for vaccinations and easing of restrictions that will come in the months ahead, as well as the expected step up in economic activity that these will deliver in the second half of the year.
Manufacturing survey data surges
Purchasing Managers’ Index for manufacturing
JPMorgan Global Research Enhanced Index Equity Fund
To achieve a long-term return in excess of the benchmark by investing primarily in a portfolio of companies, globally; the risk characteristics of the portfolio of securities held by the Sub-Fund will resemble the risk characteristics of the portfolio of securities held in the benchmark.