Last week global stock exchanges were dominated by bears. In the US, the NASDAQ went down by 2.7%, while the S&P500 and the DJI decreased by 1.3%. In Europe, German DAX declined by 3.2%, French CAC40 fell by 3.1% and British FTSE250 deteriorated by 0.4%. Investors focused on data from the US.

Last week the meeting of the ECB’s Governing Council was in the spotlight. This time the representatives of the ECB did not surprise investors – interest rates remained at the current level and the scope of the QE was not change. During the conference Mario Draghi reiterated that the inflation rate accelerated. On the other hand, he paid special attention to the ECB’s readiness to continue expansionary monetary policy until the price growth stabilizes. As a result, the ECB did not significantly affect market sentiment. Investors also learnt the values of the PMI’s for the Eurozone.

Last week global stock exchanges entered bull – market territory after three negative weeks in a row. In the US, the DJI and the NASDAQ rose by 1.8% and the S&P500 increased by 1.6%. In Europe, German DAX and French CAC40 went up by 4.5%. Slightly worse result was reached by British FTSE250 – the index soared by 0.5%. Among of many economic data readings in the US, the publications of the CPI and the PPI should be distinguished. The former amounted to 0.9% y/y and the latter -0.1% y/y. The indices were lower than the market expectations. Moreover, the low levels of the price growth could have confirmed a dovish FOMC’s attitude.

Last week the releases of the FOMC’s and the ECB’s minutes from March meetings were in the spotlight. Fed’s members turned out to be dovish. However, this fact was not a surprise for the market which expected only one interest rate hike in the next 12 months. A dovish attitude was presented by the representatives of the ECB as well. They reiterated their readiness to take appropriate actions to restore the dynamic of price growth to 2%. Investors also learnt many important economic data. In the Eurozone, the reading of the unemployment rate and the retail sales did not disappoint investors.

In the last week of March there was a bearish market sentiment in Europe. French CAC40 fell by 1% and German DAX went down by 0.9%. Unlike to them, British FTSE250 rose by 0.5%. Investors learnt the confidence indices for the Eurozone. However, their values were lower than the market’s expectations. In addition, there were publications of the industrial PMI’s in the UE countries. The value of the index for the Eurozone stood at 51.6 pts. vs 51.4 pts. expected. In the US, the stock markets moved towards north – the NASDAQ took off by 3.1%, the S&P5600 increased by 1.8% and the DJI grew by 1.5%.