| Commentary |
| The markets in the United States are set to end the week marginally higher on the whole, with surprisingly little volatility given the magnitude of the news and data. More than 100 companies, or 20% of the S&P 500, reported earnings while housing, consumer confidence, GDP growth, manufacturing and jobs data all hit the market at the same time. While earnings remained generally bullish overall, economic data clouded the future for many investors sending the market conflicting signals.International markets extended their move higher for the most part, with Germany DAX trading up 7.8%, FTSE 100 trading up 9.8% and the Shanghai Index trading up 18.5% over the past three months. However, investors in these markets remain concerned with the eurozone’sfragile recovery and the potential impact of Japan’s new cheap money policies. If successful, inflation may edge higher in the eurozone and emerging markets.
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