Market Outlook - 19th - 23rd September

Market Outlook

- WALL STREET:
US indices rallied last week, gaining over 4.7%. On the economic front, Consumer Price Index (CPI) rose 0.4% in August (+0.2% expected). Industrial production climbed 0.2% in August while PPI and advance retail sales for August remained unchanged. Looking at companies, Bank of America presented its restructuring plan last week, which includes appx. 30,000 job cuts over the next few years. All sectors gained ground last week, retailing, software, banks, media, semiconductors rose by more than 7%. Technically, the S&P500 index is now approaching its key horizontal level at 1233, representing the upper boundary of its trading range pattern. Investors have to remain cautious since the current level may trigger profit taking.

- EUROPE:
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