Weekly Market Insight

Latest Economic & Market Update 2nd February 2021

02nd February 2021

Good afternoon, it is February 2nd 2021 and here is your economic and market update from BlackBee. 

Today’s focus:

  • Microsoft expands Irish workforce
  • Equities recover following last week’s GameStop induced volatility

200 digital sales jobs are set to be created by Microsoft at the company’s Dublin operation. The new additions would bring the total number of Microsoft employees in Ireland to 2,800. The positions include sales representatives, technical sale specialists, cloud solution architects, account executive and sales managers. The roles are expected to be filled by May. Two months ago Microsoft announced that it was creating 200 engineering roles and investing €27 million in its engineering hub at its Leopardstown Campus. (Source: Irish Times)

US equities posted the largest daily gains in over two months. Last week’s battle between reddit retail investors and institutional funds on names including GameStop and AMC, led US equities to their worst week since October. Yesterday the S&P 500 index rose by 1.6% while the tech heavy NASDAQ ended the day more than 2.6% higher. However, volatility is expected in the market as the VIX volatility index is at 30. The long term average is 20. Silver rose by as much as 11% as reddit traders shifted into the commodities market. European equities also posted gains following positive vaccine news. The Stoxx Europe 600 index rose 1.2% as the EU and AstraZeneca made progress in their vaccine dispute. (Source: Financial Times)

Best & Worst Performers of Large Cap US Stocks on Monday
Click image to enlarge

Global Market Update
(as at close of markets 01/02/2021)