Weekly Market Recap This week saw the S&P 500 and Dow Jones indices make new all-time highs in a show of strength for US markets. This is the first new high in 15 months for the S&P 500 and marks a sharp rebound from the Brexit concerns that we saw just 3 weeks ago. This serves as a reminder on the potential risks associated with market timing, since many global markets have apparently quickly reversed any Brexit related pessimism. In Japanese elections the incumbent, Liberal Democratic Party-led coalition won a sweeping majority. The gives Prime Minister Shinzo Abe a renewed mandate for his "Abenomics" reforms to boost growth in Japan that have been a focus since 2012. Japan is the world's third largest economy, and has seen sluggish economic growth in recent years. Japanese GDP growth for the first quarter of this year was more positive than expected, though recent data shows Japan continues to experience deflation. In the UK Theresa May was named Prime Minister, replacing David Cameron, who announced his resignation after the Brexit result. In the, EU Industrial Production for May was weak, and in China trade volumes fell in June. The Bank of Canada and Bank of England both held interest rates constant at meetings this week. The Bank of England noted that, "economic activity [in the UK] is likely to weaken in the near term." They also stated that they, "expect monetary policy to be loosened in August". Notes:
US Markets
http://www.usatoday.com/story/money/markets/2016/07/11/stocks-wall-street-dow-sp500-nasdaq/86937910/
Japanese Elections:
http://www.cnn.com/2016/07/10/asia/upper-house-election-japan/
Bank of England Monetary Policy Summary
http://www.bankofengland.co.uk/publications/minutes/Documents/mpc/pdf/2016/jul.pdf Disclaimer:
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