Global Economic Prospects 2014

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Prospects Daily: Global stocks bounce back as Ukraine tensions ease, OECD inflation rises slightly in January, China’s PMI at 7-month low

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Financial Markets…Global equities bounced back on Tuesday as Ukraine tensions eased. The rebound was led by European stocks with the benchmark Stoxx Europe 600 Index advancing 2.1%, the biggest rally in eight months. The European gauge tumbled 2.3% yesterday after Russia’s parliament granted President Putin the authority to use military force in Ukraine. Asian and developing-country shares also recovered amid improving investor sentiment. U.S. equities gained as well, with the S&P 500 index surging 1.4% to a fresh record high in mid-day trading.

Prospects Daily: Chinese stocks and currency tumble on Tuesday, European Commission sees faster Eurozone recovery on firming domestic demand, South Africa’s Q4 GDP growth exceeds expectations

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Financial Markets…Chinese stocks dropped the most in five months amid worries over property markets and the country’s currency weakened the most in more than three years. The benchmark Shanghai Composite Index fell 2%, extending its four-day decline to 5.1%, led by a slump in property stocks on mounting funding concerns. China’s yuan depreciated 0.46% versus the dollar to 6.1266, the steepest drop since November 2010, spurred by signs Chinese economy is losing momentum.

Prospects Daily: U.S. equities rise to record high on Monday, German business confidence highest since July 2011, Brazil’s consumer confidence lowest since May 2009

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Financial Markets…U.S. stocks rallied on Monday, with the S&P 500 index rising to a record high, as investors speculated the world biggest economy can withstand the normalization of Fed’s monetary policy. The U.S. stock rally shrugged off worries over a cooling property market in China. The S&P 500 gained as much as 0.9% to an all-time high of 1,852, surpassing a previous high of 1,848.38 reached on January 15, and the Dow Jones industrial average was also up 0.9% in morning trade. The S&P index has bounced back 5.4% from its low on February 3.

Prospects Daily: Ukrainian financial markets tumble again amid shattered truce, Singapore revises Q4 GDP from contraction to growth, China’s manufacturing PMI falls to a seven-month low

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Financial Markets…Global equities moved lower on Wednesday as downbeat economic data from China and Eurozone and escalating turmoil in Ukraine dampened market sentiment. The benchmark MSCI world stock index dropped 0.5% to a 6-day low, with the MSCI developing-country stock index sliding 1.1%. Meanwhile, U.S. equities opened higher in morning trade with the S&P 500 and the Dow gaining 0.3% and 0.4%, respectively.

Prospects Daily: Ukrainian financial markets slump amid escalating civil unrest, U.K. unemployment at 7.2%, South Africa’s inflation accelerates

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Financial Markets…Ukraine’s financial markets slumped on Wednesday amid escalating civil unrest.  The nation’s benchmark stock index tumbled as much as 4.2% before parings the loss to 2.0%, and the yield on the government bonds due in June rose by 1,135 basis points to an all-time high of 34.27%.  Investors are dumping financial assets of Emerging Europe’s riskiest borrowers after Ukrainian President Viktor Yanukovych yesterday banned anti-government protests after clashes in Kiev killed at least 25 people.