ST. JAMES'S PLACE PLC Despite the apprehension hanging over markets last week whilst the latest episode in the Greek debt crisis played out, equity indices worldwide continued to move onwards and upwards. And notably the US, Europe and Japan all reached, or approached, significant milestones over the course of trading.
Equity bulls on the other side of the Atlantic were buoyed by GE's announcement that it planned to sell the bulk of its finance business and return up to $90 billion to shareholders through stock buybacks and dividend increases over the next three years. This news helped to shrug off worries over first-quarter earnings and the renewed appreciation of the dollar. The S&P 500 index closed the week up 1.58%, just a whisker away from last month's record close; all this in a week shortened by the Easter holidays.
This week's bulletin also includes:
- The UK market hit a new high amidst signs that M&A activity could be on the rise.
- Greece repaid the latest instalment of its IMF loan but has significant payments due in the coming months.
- Bond markets discount the prospect of US interest rate increases later this year.
- New rules allowing the transfer of Child Trust Funds to Junior ISAs offer more choice and flexibility for those saving for children's futures.
View this week's Market Bulletin, which contains thoughts and opinions of St. James's Place and our range of investment managers on the key issues affecting investors.
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