{"id":24646,"date":"2021-03-31T08:00:32","date_gmt":"2021-03-31T07:00:32","guid":{"rendered":"https:\/\/sarasinandpartners.com\/ie\/?p=24646"},"modified":"2021-03-30T16:59:28","modified_gmt":"2021-03-30T15:59:28","slug":"the-week-in-markets-31-march-2021","status":"publish","type":"post","link":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/","title":{"rendered":"The week in markets – 31 March 2021"},"content":{"rendered":"

Welcome to your weekly macroeconomic round-up, where we spotlight a few of the most significant events in the last week.<\/h3>\n

PMI results show that the US is leading the global recovery, followed by the UK<\/strong><\/h3>\n

Data from Markit confirmed that the US continues to lead the economic recovery in comparison to other developed economies, with the flash composite PMI for March reading 59.1 compared to 59.5 in February.<\/p>\n

The UK PMI provided the largest surprise to expectations, rising from contractionary territory \u2013 49.6 in February \u2013 to expansionary in March \u2013 56.6. The average for the quarter still remains below 50 which points to the likelihood in a contraction in GDP, although the latest reading indicates that positive momentum will be= carried into the second quarter.<\/p>\n

There was also a rebound in the euro area, with the composite PMI rising from 48.8 to 52.5, however there was a degree of variability between states. Japan continued to lag peers with the PMI indicating the country remains in contractionary territory.<\/p>\n

Suez Canal blockage holding up transport route used for 10% of global trade<\/strong><\/h3>\n

The Ever Given \u2013 measuring the length of 4 football pitches \u2013 was marooned across the southern end of the canal, preventing the passage of one of the world\u2019s busiest waterways until Monday. This waterway, which accommodates 50 container ships a day transporting 10% of global trade including more than 1mn barrels of oil per day, has caused significant delays in shipping and once again highlighted the fragilities of global supply chains.<\/p>\n

Although there was a brief spike in the price of oil following the event, the consensus has settled that this blockage shouldn\u2019t be a major issue for crude oil supply as the Sumed oil pipeline, which lies to south of the Suez Canal entrance and runs north through Egypt, has been unaffected by the incident and provides a suitable alternative to redirect supply.<\/p>\n

Turkey\u2019s President Erdogan sacks central bank governor<\/strong><\/h3>\n

Turkey\u2019s long serving President, Recep Tayyip Erdogan, surprised economists and investors on Saturday by unceremoniously sacking the governor of Turkey\u2019s central bank, Naci Agbal. The move followed the decision by the ex-governor to raise interest rates (the one-week repo rate) by 2%, taking the cumulative increase in rates over the last four months to 8.75%.<\/p>\n

These efforts were an attempt to tackle Turkey\u2019s price inflation, which is in excess of 15%, had been applauded by currency markets but were opposed to Erdogan\u2019s personal economic philosophy which dictates that higher interest rates are the cause of inflation rather than the counter measure. The Turkish Lira depreciated by more than 10% following the news.<\/p>\n

Markets <\/strong><\/h3>\n

Global equities finished the week up by +0.3%, as measured by the MSCI ACWI ($) index. The main equity market news of the week began on Friday when Goldman Sachs and Morgan Stanley began dumping multi-billion-dollar positions in selected US and Chinese stocks in response to a failed margin call on loans. A family office, Archegos, has since been identified as the guilty party, although there is still relatively little detail about their operations. Credit Suisse and Nomura have since announced that they will probably lose billions of dollars in the fallout. In fixed income markets, volatility in US government bond yields remained elevated although yields were broadly flat over the week.<\/p>\n

Look out for next week\u2019s update, where we\u2019ll be focusing on March PMIs around the globe and UK retail sales data.<\/strong><\/p>\n

\n

All details in this article are provided for information purposes only and should not be misinterpreted as investment advice or taxation advice.<\/p>\n

Where the data in this article comes partially from third party sources the accuracy, completeness or correctness of the information contained in this publication is not guaranteed, and third party data is provided without any warranties of any kind.\u00a0 Sarasin & Partners LLP shall have no liability in connection with third party data.<\/p>\n

\u00a9 2021 Sarasin & Partners LLP \u2013 all rights reserved.\u00a0 This article can only be distributed or reproduced with permission from Sarasin & Partners LLP. Please contact marketing@sarasin.co.uk.<\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to your weekly macroeconomic round-up, where we spotlight a few of the most significant events in the last week. PMI results show that the US is leading the global recovery, followed by the UK Data from Markit confirmed that the US continues to lead the economic recovery in comparison to other developed economies, with...<\/p>\n","protected":false},"author":62,"featured_media":6290,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"coauthors":[182],"class_list":["post-24646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"\nThe week in markets - 31 March 2021 - Sarasin & Partners Ireland<\/title>\n<meta name=\"description\" content=\"PMI results show that the US is leading the global recovery, followed by the UK.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The week in markets - 31 March 2021 - Sarasin & Partners Ireland\" \/>\n<meta property=\"og:description\" content=\"PMI results show that the US is leading the global recovery, followed by the UK.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Sarasin & Partners Ireland\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-31T07:00:32+00:00\" \/>\n<meta name=\"author\" content=\"Tom Kynge\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@sarasinpartners\" \/>\n<meta name=\"twitter:site\" content=\"@sarasinpartners\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tom Kynge\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/\"},\"author\":{\"name\":\"Tom Kynge\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#\\\/schema\\\/person\\\/73f878380f7878b8047f790b2c8b5697\"},\"headline\":\"The week in markets – 31 March 2021\",\"datePublished\":\"2021-03-31T07:00:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/\"},\"wordCount\":665,\"publisher\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/London-web_JGEM1109.jpg\",\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/\",\"url\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/\",\"name\":\"The week in markets - 31 March 2021 - Sarasin & Partners Ireland\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/London-web_JGEM1109.jpg\",\"datePublished\":\"2021-03-31T07:00:32+00:00\",\"description\":\"PMI results show that the US is leading the global recovery, followed by the UK.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/#primaryimage\",\"url\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/London-web_JGEM1109.jpg\",\"contentUrl\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/London-web_JGEM1109.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/the-week-in-markets-31-march-2021\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The week in markets – 31 March 2021\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#website\",\"url\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/\",\"name\":\"Sarasin & Partners Ireland\",\"description\":\"Sarasin & Partners\",\"publisher\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#organization\",\"name\":\"Sarasin & Partners Ireland\",\"url\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/sarasinandpartners.svg\",\"contentUrl\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/sarasinandpartners.svg\",\"width\":532,\"height\":197,\"caption\":\"Sarasin & Partners Ireland\"},\"image\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/sarasinpartners\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/sarasin-&amp;-partners\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#\\\/schema\\\/person\\\/73f878380f7878b8047f790b2c8b5697\",\"name\":\"Tom Kynge\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The week in markets - 31 March 2021 - Sarasin & Partners Ireland","description":"PMI results show that the US is leading the global recovery, followed by the UK.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/","og_locale":"en_GB","og_type":"article","og_title":"The week in markets - 31 March 2021 - Sarasin & Partners Ireland","og_description":"PMI results show that the US is leading the global recovery, followed by the UK.","og_url":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/","og_site_name":"Sarasin & Partners Ireland","article_published_time":"2021-03-31T07:00:32+00:00","author":"Tom Kynge","twitter_card":"summary_large_image","twitter_creator":"@sarasinpartners","twitter_site":"@sarasinpartners","twitter_misc":{"Written by":"Tom Kynge","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/#article","isPartOf":{"@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/"},"author":{"name":"Tom Kynge","@id":"https:\/\/sarasinandpartners.com\/ie\/#\/schema\/person\/73f878380f7878b8047f790b2c8b5697"},"headline":"The week in markets – 31 March 2021","datePublished":"2021-03-31T07:00:32+00:00","mainEntityOfPage":{"@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/"},"wordCount":665,"publisher":{"@id":"https:\/\/sarasinandpartners.com\/ie\/#organization"},"image":{"@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/sarasinandpartners.com\/ie\/wp-content\/uploads\/2020\/09\/London-web_JGEM1109.jpg","articleSection":["Markets"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/","url":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/","name":"The week in markets - 31 March 2021 - Sarasin & Partners Ireland","isPartOf":{"@id":"https:\/\/sarasinandpartners.com\/ie\/#website"},"primaryImageOfPage":{"@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/#primaryimage"},"image":{"@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/sarasinandpartners.com\/ie\/wp-content\/uploads\/2020\/09\/London-web_JGEM1109.jpg","datePublished":"2021-03-31T07:00:32+00:00","description":"PMI results show that the US is leading the global recovery, followed by the UK.","breadcrumb":{"@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/#primaryimage","url":"https:\/\/sarasinandpartners.com\/ie\/wp-content\/uploads\/2020\/09\/London-web_JGEM1109.jpg","contentUrl":"https:\/\/sarasinandpartners.com\/ie\/wp-content\/uploads\/2020\/09\/London-web_JGEM1109.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-31-march-2021\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/sarasinandpartners.com\/ie\/"},{"@type":"ListItem","position":2,"name":"The week in markets – 31 March 2021"}]},{"@type":"WebSite","@id":"https:\/\/sarasinandpartners.com\/ie\/#website","url":"https:\/\/sarasinandpartners.com\/ie\/","name":"Sarasin & Partners Ireland","description":"Sarasin & Partners","publisher":{"@id":"https:\/\/sarasinandpartners.com\/ie\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/sarasinandpartners.com\/ie\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/sarasinandpartners.com\/ie\/#organization","name":"Sarasin & Partners Ireland","url":"https:\/\/sarasinandpartners.com\/ie\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/sarasinandpartners.com\/ie\/#\/schema\/logo\/image\/","url":"https:\/\/sarasinandpartners.com\/ie\/wp-content\/uploads\/2019\/12\/sarasinandpartners.svg","contentUrl":"https:\/\/sarasinandpartners.com\/ie\/wp-content\/uploads\/2019\/12\/sarasinandpartners.svg","width":532,"height":197,"caption":"Sarasin & Partners Ireland"},"image":{"@id":"https:\/\/sarasinandpartners.com\/ie\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/sarasinpartners","https:\/\/www.linkedin.com\/company\/sarasin-&amp;-partners"]},{"@type":"Person","@id":"https:\/\/sarasinandpartners.com\/ie\/#\/schema\/person\/73f878380f7878b8047f790b2c8b5697","name":"Tom Kynge"}]}},"_links":{"self":[{"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/posts\/24646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/comments?post=24646"}],"version-history":[{"count":0,"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/posts\/24646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/media?parent=24646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/categories?post=24646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/tags?post=24646"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/sarasinandpartners.com\/ie\/wp-json\/wp\/v2\/coauthors?post=24646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}