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Weekly Market Report

05 Oct 2020

05 October 2020


The Market Last Week

Global equities ended mostly firmer last week, amid expectations of an additional coronavirus stimulus package from the US Federal Reserve (Fed).

UK Markets ended the week in positive territory, amid hopes that Britain’s government would not impose another lockdown.

UK’s gross domestic product (GDP) plunged less-than-anticipated on a quarterly basis in 2Q20.

Mortgage approvals rose to its highest level in nearly 13 years in August.

In the UK, Nationwide house prices rose at its fastest pace since 2016 in September.

UK’s current account deficit narrowed less than market forecast in 2Q20.

The Markit manufacturing PMI grew less than initially estimated in September.

UK’s net consumer credit advanced less than market expectations in August.

The BRC shop price index fell on an annual basis in August.

European Markets ended the week on a positive footing, on US stimulus hopes.

Eurozone’s services sentiment indicator advanced in September.

In the Eurozone, industrial confidence index improved in September.

Eurozone’s economic sentiment indicator climbed to a six-month high level in September.

In the Eurozone, the final consumer confidence index rebounded in September.

Eurozone’s manufacturing activity expanded at a faster rate in September.

In the Eurozone, the producer price index (PPI) dropped less than market forecast in August.

Eurozone’s unemployment rate rose for a fifth consecutive month in August.

In the Eurozone, the consumer price index (CPI) declined for the second consecutive month in September.

Germany’s manufacturing PMI increased in September, hitting its highest level in 26 months.

In Germany, seasonally adjusted unemployment rate slightly fell in September.

Germany’s retail sales grew more than market consensus in August.

In Germany, the CPI dropped in September.

US Markets ended the week in green, amid expectations that the US lawmakers would soon agree to a long-awaited fiscal stimulus package and amid upbeat US economic data.

In the US, the Dallas Fed manufacturing business index strengthened in September.

The CB consumer confidence index rebounded in September, registering its sharpest rise in 17 years.

US final annualised GDP dropped less than initially estimated on a quarterly basis in 2Q20.

The private sector employment jumped more than market consensus in September.

US pending home sales surged to a record high level in August.

The Chicago Fed PMI climbed in September.

Initial jobless claims dropped to a six-month low in the week ended 25 September 2020.

US construction spending jumped more than expected in August.

The Markit manufacturing PMI rose in September.

The US Michigan consumer sentiment index rose to a six-month high level in September.

Final durable goods orders rose in August.

The unemployment rate dropped more than estimated in September.

The MBA mortgage applications fell on a weekly basis in the week ended 25 September 2020.

US ISM manufacturing PMI unexpectedly slid in September.

Personal income declined more-than-anticipated in August.

Factory orders advanced less than market anticipations in August.

Us non-farm payrolls increased less-than-expected in September.

Average hourly earnings of all employees rose less-than-anticipated in September.

Asian Markets ended mixed last week.

In Australia, the Commonwealth Bank manufacturing PMI dropped in September.

Australia’s Commonwealth Bank services PMI advanced in September.

Australia’s building permits unexpectedly fell on a monthly basis in August.

In Australia, the AiG performance of manufacturing index eased in September.

Australia’s retail sales declined in August.

In China, the non-manufacturing PMI unexpectedly climbed in September.

China’s NBS manufacturing PMI rose more-than-anticipated in September.

In China, the Caixin manufacturing PMI unexpectedly slid in September.

Japan’s leading economic index increased in July.

In Japan, the coincident index rose in July.

Japan’s seasonally adjusted retail trade imrpoved in August.

In Japan, industrial production rose more than market forecast in August.

Japan’s construction orders unexpectedly climbed on an annual basis in August.

In Japan, housing starts declined less than market forecast in August.

Japan’s Jibun Bank manufacturing PMI advanced in September.

In Japan, the Jibun Bank services PMI increased in September.

In Japan, the Tokyo consumer price index (CPI) rose less-than-expected on an annual basis in September.

Japan’s unemployment rate rose at par with market expectations in August.


Currency Update

The EUR ended firmer against the USD last week, after the Euro-zone economic sentiment indicator climbed to a six-month high level in September.
The British Pound ended stronger against the greenback last week, amid hopes that Britain could secure a Brexit trade deal with the European Union by October.
The US Dollar ended weaker against its major counterparts last week, as hopes for further stimulus measures from the US government boosted investors risk appetite.


Christine Lagarde warns deflation will persist in coming months

European Central Bank (ECB) President, Christine Lagarde, in her speech, stated that the central bank is ready to deploy more monetary stimulus to aid the recovery if needed. Further, she stated that the Eurozone economy rebounded in the third quarter, but the recovery remains incomplete, uncertain and uneven, as consumers became cautious to spend and companies reluctant to invest. Moreover, she warned deflation will persist over the coming months, partly because of the recent appreciation of the euro.


The Week Ahead

Going ahead this week, investors will keep a tab on the US Markit services PMI, the ISM services PMI, JOLTS job openings, FOMC meeting minutes and initial jobless claims for further direction. Additionally, Eurozone’s Markit services PMI, the Sentix investor confidence index, retail sales along with Germany’s Markit services PMI, factory orders, industrial production and current account balance for will keep investors on their toes. Also, UK’s Markit services PMI, the BRC retail sales, the Markit construction PMI, trade balance, industrial production, manufacturing production, GDP and the NIESR GDP estimate would garner significant amount of investor attention.


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