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US Retail Sales Contract | Eurozone Inflation Slows

Published April 1, 2019
  • US retail sales dropped 0.2 percent in February, as consumers pulled back their spending on building materials and groceries, a potential sign economic growth has shifted into low gear as stimulus from $1.5 trillion in tax cuts and increased government spending fades.
  • Inflation in the Euro area unexpectedly slowed in March to 1.4 percent from 1.5 percent in February, defying expectations for stability, while the unemployment rate remained unchanged in February, preliminary data from the statistical office Eurostat showed.
  • China’s manufacturing sector saw a surprise return to growth in March following government efforts to boost the economy, a private survey showed on Monday. The Caixin Markit Manufacturing Purchasing Managers Index came in at 50.8 for March.
  • Oil prices surge further, moving towards 2019 highs, as tight supply and positive signs for the global economy supported prices. WTI crude prices have hit a high of $60.92.


To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.