Weekly Market Recap – April 12th, 2019

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Weekly Market Recap – April 12th, 2019

In the Markets

The International Monetary Fund cut its global growth forecast from 3.5% to 3.3%, while the United Kingdom avoided immediate Brexit repercussions, delaying the deadline to October 31st. The default decision, if nothing changes in the coming 6 months, remains a “No-Deal Brexit”, with no firm trade plan between the UK and the EU. Numerous options are still on the table, including a renegotiated Brexit deal, and a canceling of Brexit. The path to those decisions remains murky, with even the possibility of a new referendum.

Meanwhile, March data out of China hinted at a rebound in economic activity. As first quarter earnings reports are on the horizon, strong performance in certain sectors lead to the S&P 500 to finally close above the 2900 level, up 0.5% on the week. The NASDAQ also rose on the week, up 0.6%, while the Dow Jones Industrial Average finished flat.

Crude oil extended its streak of gains, with WTI futures up 1.14% and Brent crude climbing 1.75%. Oil products followed suit, with gasoline futures advancing 2.96%. Heating oil’s growth was more muted, gaining 1.26%. Natural gas continued its trend of beginning the trading week with gains, only to fall back down by Friday’s close. It netted a loss of 0.38% on the week.

Platinum’s gains the week prior cooled off as the precious metal was down 1.08%. It retained the majority of those gains, but fell back below 900/t oz. Silver also fell on the week, down 1.07%, while gold edged slightly upwards, gaining 0.25%. Copper rebounded this week, up 1.73% through Friday.

Agricultural commodities saw several losses, with soybeans, corn, and wheat all dipping slightly on the week. Wheat saw the steepest drop of 0.67%, followed by corn futures at 0.52%, and soybeans at 0.36%.

Lean hogs, having already posted gains at a furious pace due to a swine flu outbreak in China, finished the week with another steep climb. Lean hogs futures gained another 13.1% on the week, as the contract is up more than 50% over the past month. China consumes 49% of the world’s pork, leading experts to worry about the severe impact this outbreak could continue to have on prices.

World Cup Trading Championships

The top 4 remained the same this week, as Eduardo Ramos continued his stay atop the leaderboard for another week, closing Friday with a net return of 198.4%. Andrei Balanescu finished in second with a net return of 110.4%, followed again by Holly Springs Pharmacy and its net return of 96.4%. Lukas Schreiber retained 4th place with a net return of 74.1%. Lananh Dang was the sole position change to the leaderboard this week, taking 5th place with a net return of 71.4%.

 

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