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Weekly Market Report

23 Nov 2020

23 November 2020

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The Market Last Week

Global equities ended mostly firmer last week, as investor sentiment improved, following positive developments in the Covid-19 vaccine.


UK Markets ended the week in positive territory, amid optimism surrounding the coronavirus vaccine.

In the UK, the house price index rose on an annual basis in September.

UK’s consumer price index (CPI) advanced more than market forecast in October.

In the UK, retail sales climbed for a sixth consecutive month in October.

UK’s public sector net borrowing jumped in October, marking its highest level since monthly records began in 1993.

In the UK, non-seasonally adjusted output producer price index (PPI) fell on an annual basis in October.

UK’s Rightmove house prices fell for the first time in four months in November.

UK’s balance of firms reporting total order book above normal fell more-than-expected in November.

In the UK, the GfK consumer confidence index declined to a six-month low in November.




European Markets ended the week on a positive footing, amid progress in the development of the coronavirus vaccine.

In the Eurozone, seasonally adjusted trade surplus expanded in September.

Eurozone’s current account surplus widened to a 1-year high in September.

In the Eurozone, seasonally adjusted second estimate of gross domestic product (GDP) rose less than market expectations in 3Q20.

Eurozone’s final consumer price index declined in line with market consensus in October.

In the Eurozone, construction output fell for the first time in five months in September.

Eurozone’s consumer confidence index slid to a 6-month low in November.

Germany’s producer price index (PPI) fell for the ninth consecutive month in October.




US Markets ended the week mostly in red, amid concerns over new lockdown restrictions imposed to curb the rising coronavirus cases in the country.

US producer prices advanced on a yearly basis in October.

In the US, business inventories rose on a monthly basis In September.

The US housing market index unexpectedly climbed in November.

US industrial production advanced more-than-expected on a monthly basis in October.

The Philadelphia Fed manufacturing index fell less than market anticipations in November.

US existing home sales unexpectedly advanced to a 14-year high level in October.

In the US, the leading indicator rose in line with market forecast on a monthly basis in October.

Housing starts increased on a monthly basis in October.

In the US, the NY Empire State manufacturing index unexpectedly eased in November.

The preliminary Michigan consumer sentiment index unexpectedly dropped in November.

US advance retail sales rose less than market forecast on a monthly basis in October.

Building permits remained flat on a monthly basis in October.

The MBA number of mortgage applications fell in the week ended 13 November 2020.

In the US, initial jobless claims rose for the first time in five weeks in the week ended 13 November 2020.




Asian Markets ended firmer last week, on vaccine hopes.

Australia’s Westpac leading index advanced on a monthly basis in October.

In Australia, the Commonwealth Bank manufacturing PMI rose more-than-expected in November.

Australia’s Commonwealth Bank services PMI climbed in November.

In Australia, retail sales rose more than market forecast in October.

Australia’s seasonally adjusted unemployment rate edged up in October.

In China, industrial production rose more-than-expected on an annual basis in October.

China’s retail sales grew less than market forecast on an annual basis in October.

The People´s Bank of China (PBoC) kept its key interest rate unchanged at 3.85% as widely expected.

Japan’s preliminary GDP advanced on a quarterly basis in 3Q20.

In Japan, industrial production rose less-than-anticipated on a monthly basis in September.

Japan’s adjusted merchandise trade surplus narrowed in October.

In Japan, the CPI fell at its fastest pace in over 9 years in October.

Japan’s Jibun Bank manufacturing PMI unexpectedly fell in November.




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Currency Update

The EUR ended firmer against the USD last week, on hopes over a potential Covid-19 vaccine.
The British Pound ended stronger against the greenback last week, after British retail sales grew for the sixth consecutive month in October.
The US Dollar ended weaker against its major counterparts last week, as the US initial jobless claims unexpectedly advanced in the week ended 13 November 2020.


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Christine Lagarde urges to release pandemic relief package

European Central Bank's (ECB) President, Christine Lagarde has urged European Union leaders to make pandemic relief available without delay and promised a forceful monetary stimulus package in December. Moreover, she added that an effective coronavirus vaccine will not fundamentally change the central bank’s economic projections, as a medical solution was already factored into forecasts.


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The Week Ahead

Going ahead this week, investors will keep a tab on the US Chicago Fed National Activity Index, the Markit manufacturing and services PMIs, the housing price index, the Richmond Fed manufacturing index, the consumer confidence index, durable goods orders, personal income, initial jobless claims, GDP, new home sales, the Michigan consumer sentiment index and FOMC minutes for further direction. Additionally, Eurozone’s Markit manufacturing and services PMIs, the services sentiment index, the consumer confidence index, the business climate indicator and the economic sentiment indicator along Germany’s Markit manufacturing and services PMIs, GDP, the Ifo indices and the GfK consumer confidence index will keep investors on their toes. Also, UK’s Nationwide housing prices, the Markit manufacturing and services PMIs would garner significant amount of investor attention.


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