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Weekly Market Report

25 Jan 2021

25 January 2021


The Market Last Week

Global equities ended mostly firmer last week, amid hopes for a larger fiscal stimulus from the US government.

UK Markets ended the week in negative territory, amid concerns over surging coronavirus cases in the country and the impact of tougher lockdown restrictions.

The consumer price index (CPI) rose more than expected on an annual basis in December.

The output producer price index (PPI) dropped less than market forecast on an annual basis in December.

The DCLG house prices recorded its fastest growth since June 2016 in November.

The retail price index advanced more than anticipated in December.

The GfK consumer confidence index dropped less than expected in January.

Public sector net borrowings climbed to its highest since 1962 in December.

UK balance of firms reporting total order book above normal fell in January.

Retail sales rose less-than-anticipated in December.

The Markit services PMI dropped in January.

The Markit manufacturing PMI fell in January.

European Markets ended the week mostly higher, amid upbeat corporate earnings reports.

In the Eurozone, the ZEW economic sentiment indicator unexpectedly advanced in January.

Eurozone’s seasonally adjusted construction output rose on a monthly basis in November.

In the Eurozone, the Markit services PMI dropped less than market forecast in January.

Eurozone’s consumer inflation remained negative for the fifth straight month in December.

In the Eurozone, seasonally adjusted current account surplus narrowed in November.

Eurozone’s consumer confidence index dropped in January.

In the Eurozone, the Markit manufacturing PMI fell in January.

Germany’s producer prices rose for the first time in eleven months in December.

In Germany, the ZEW current situation index improved in January.

Germany’s ZEW economic sentiment indicator advanced more than market anticipations in January.

In Germany, the CPI dropped in line with market expectations in December.

German services activity weakened for the fourth straight month in January.

In Germany, the Markit manufacturing PMI declined to a five-month low in January.

The European Central Bank (ECB) kept its key interest rate unchanged and reiterated its pledge to support the economy through pandemic.

US Markets ended the week in green, following upbeat US economic data and as Joe Biden’s inauguration raised hopes for a larger fiscal stimulus spending to support the US economy.

Initial jobless claims dropped in the week ended 15 January 2021.

The Philadelphia Fed manufacturing index advanced in January.

Building permits advanced to 14-year high level in December.

US housing starts jumped to a 14-year high level in December.

Existing home sales rose to its highest level in 14 years in December.

The Markit services PMI unexpectedly advanced in January.

The Markit manufacturing PMI unexpectedly rose in January.

The NAHB housing market index unexpectedly fell in January.

The MBA number of mortgage applications fell in the week ended 15 January 2021.

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

In Japan, merchandise (total) trade surplus widened in December.

Japan’s national CPI dropped in December.

Japan’s industrial production declined in November.

The HIA new home sales in Australia jumped in December.

In Australia, the unemployment rate dropped in December.

Australia’s consumer inflation expectations rose in January.

In Australia, the Commonwealth Bank manufacturing PMI climbed in January.

Australia’s retail sales declined in December.

In Australia, the Commonwealth Bank services PMI unexpectedly eased in January.

Australia’s Westpac consumer confidence index declined in January.

The People’s Bank of China (PBoC) kept its key interest rate unchanged at 3.85%.

The Bank of Japan kept its key interest rate at a record low of -0.10%, as widely expected.


Currency Update

The EUR ended firmer against the USD last week, as the Eurozone economic sentiment index improved in January.
The British Pound ended stronger against the greenback last week, as Britain’s inflation advanced more than expected in December.
The US Dollar ended mostly weaker against its major counterparts last week, as hopes for larger stimulus from the US government boosted investors’ risk appetite.


The Week Ahead

Going ahead this week, investors will keep a tab on the US Chicago Fed National Activity Index, the housing price index, the consumer confidence index, durable goods orders, Federal Reserve’s interest rate decision, gross domestic product (GDP), new home sales, initial jobless claims, personal income, personal spending, the Chicago Purchasing Managers' Index and the Michigan consumer sentiment index for further direction. Additionally, Eurozone’s services sentiment indicator, the consumer confidence index, the business climate indicator, the economic sentiment indicator, European Central Bank's President Christine Lagarde’s speech along with Germany’s Ifo indices, the GfK consumer confidence index, CPI, GDP and the unemployment rate will keep investors on their toes. Also, UK’s ILO unemployment rate and the Nationwide housing prices would garner significant amount of investor attention.


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