Cliff Notes - Market Gets a Lyft
April 9, 2019
In This Week's Update:
- Stocks climbed substantially for the week. Materials was the top-performing global sector and financials rebounded, while defensive sectors underperformed their peers. Quality was the strongest performing style factor.
- Markets digested better-than-expected China Purchasing Managers’ Index data showing manufacturing activity expanded in March at its fastest pace in eight months. A greater-than-forecast March rebound in U.S. hiring, and upward revisions to U.S. business inventories, construction and retail sales data, implied U.S. first-quarter economic activity was more solid than previously expected. Industrial orders in Germany surprised to the downside, extending the trend in recent months of weak eurozone economic data.
- The British government requested a further Brexit delay. The presidents of the U.S. and China said their countries made progress on a trade deal, but they did not yet schedule a meeting.
- Lyft came public – which will soon be followed by Uber.