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Weekly Market Report

12 Jan 2021

11 January 2021


The Market Last Week

Global equities ended firmer last week, amid hopes for a swift global economic recovery and on prospects for a bigger fiscal stimulus.

UK Markets ended the week in positive territory, as Britain accelerated its Covid-19 vaccine rollout and as the UK government unveiled a fresh £4.6 billion stimulus package.

UK’s manufacturing activity rose to a three-year high level in December.

The mortgage approvals advanced to its highest level since August 2007 in November.

Net consumer credit dropped in November.

The BRC shop price index fell in November.

The Markit services PMI contracted more than market expectations in December.

The Markit construction PMI unexpectedly dropped in December.

The Halifax house price index rose less-than-expected in December.

European Markets ended the week on a positive footing, amid hopes for more fiscal stimulus from the US government.

Eurozone’s Markit manufacturing PMI advanced in December.

In the Eurozone, the producer price index (PPI) declined less than market anticipations in November.

Eurozone’s Markit services PMI climbed in December.

In the Eurozone, the unemployment rate unexpectedly fell in November.

Eurozone’s economic sentiment indicator advanced in December.

Eurozone’s consumer price index (CPI) dropped in December.

In the Eurozone, retail sales declined more than market forecast in November.

German factory orders grew for a seventh straight month in November.

Germany’s industrial production grew in November.

Germany’s Markit manufacturing PMI rose in December.

Germany’s retail sales unexpectedly climbed in November.

Germany’s Markit services PMI advanced in December.

Germany’s current account surplus narrowed in November.

Germany’s trade surplus narrowed in November.

German consumer price index (CPI) dropped in December.

German unemployment rate remained unchanged in December.

US Markets ended the week in green, amid prospects for a larger fiscal stimulus and infrastructure spending under Joe Biden's administration.

The Markit manufacturing PMI rose to its highest level since September 2014 in December.

US construction spending climbed in November.

The ISM manufacturing PMI unexpectedly advanced to a 2-year high level in December.

Private sector employment unexpectedly fell in for the first time since April in December.

Factory orders advanced more than anticipated in November.

Consumer credit climbed to its highest level since June in November.

Average hourly earnings advanced in December.

Initial jobless claims unexpectedly fell in the week ended 1 January 2021.

Goods trade deficit widened in November.

The ISM services index unexpectedly climbed in December.

The Markit services PMI fell in December.

Unemployment rate remained steady in December.

Asian Markets ended firmer last week, tracking gains in their US counterparts.

Australia’s building permits advanced in November.

In Australia, retail sales climbed in November.

Australia’s Commonwealth Bank services PMI eased in December.

In Australia, trade surplus narrowed in November.

China’s CPI rose more than market consensus in December.

In China, the PPI dropped less than market forecast in December.

China’s Caixin services PMI fell in December.

Japan’s leading economic index advanced more-than-expected in November.

In Japan, the Nikkei services PMI dropped in December.

Japan’s consumer confidence index eased in December.


Currency Update

The EUR ended firmer against the USD last week, as the World Bank projected that European countries will achieve a modest recovery in 2021.
The British Pound ended weaker against the greenback last week, amid concerns over tighter lockdown restrictions.
The US Dollar ended mostly weaker against its major counterparts last week, amid dismal US jobs data.


FOMC meeting minutes: Officials back asset purchases program

The Federal Open Market Committee (FOMC), in its December meeting minutes, showed that members unanimously backed the Fed’s commitment to continue with the bond buying, at its current pace, until there is “substantial further progress” toward its employment and inflation goals. Further, officials reiterated that they will probably hold rates near zero at least through 2023.


The Week Ahead

Going ahead this week, investors will keep a tab on the US NFIB business optimism index, theJOLTs job openings, the MBA mortgage applications, the CPI, monthly budget statement, Fed’s Beige Book, initial jobless claims, Federal Reserve chair Jerome Powell’s speech, the NY Empire State manufacturing index, the PPI, retail sales, industrial production, business inventories and the Michigan consumer sentiment index for further direction. Additionally, Eurozone’s Sentix investor confidence, European Central Bank President Christine Lagarde’s speech, industrial production and trade balance will keep investors on their toes. Also, UK’s BRC like-for-like retail sales, Bank of England Governor Andrew Bailey’s speech, the RICS housing price balance, total trade balance, manufacturing production, industrial production, gross domestic product (GDP), the NIESR GDP estimate and the Rightmove house price index would garner significant amount of investor attention.


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