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Weekly Market Report

30 Nov 2020

30 November 2020


The Market Last Week

Global equities ended firmer last week, amid optimism over progress in the development of potential coronavirus vaccines.

UK Markets ended the week in positive territory, amid prospects of easing Covid-19 lockdown restrictions.

In the UK, the flash Markit manufacturing PMI unexpectedly climbed in November.

UK’s preliminary Markit services PMI dropped less than market anticipations in November.

In the UK, the CBI distributive trade survey's retail sales balance declined in November.

European Markets ended higher last week, following positive vaccine updates.

In the Eurozone, the Markit manufacturing PMI dropped less than market consensus in November.

Eurozone’s flash Markit services PMI fell more than market expectation in November.

In the Eurozone, the services sentiment indicator dropped for the first time in seven months in November.

Eurozone’s economic confidence index fell to a 4-month low in November.

In the Eurozone, consumer sentiment weakened for the second straight month in November.

Germany’s flash Markit manufacturing PMI dropped less than market forecast in November.

In Germany, the Ifo current assessment index fell less-than-expected in November.

Germany’s economy grew at a record pace in 3Q20.

In Germany, the Markit services PMI declined in November.

Germany’s Ifo business climate index dropped for a second consecutive month in November.

In Germany, the Ifo business expectations weakened in November.

Germany’s GfK consumer confidence index declined more-than-expected in December.

The European Central Bank (ECB), in its latest monetary policy meeting minutes, noted that risks to the euro area growth outlook was tilted to the downside and agreed that this warranted an adjustment in its monetary policy measures in December.

US Markets ended the week in green, on vaccine hopes and as Donald Trump approved President-elect Joe Biden’s transition process.

In the US, the Markit manufacturing PMI unexpectedly rose in November.

US preliminary Markit services PMI unexpectedly advanced in November.

The Chicago Fed National Activity Index improved in October.

The housing price index advanced on a monthly basis in September.

US economy grew in the third quarter.

Durable goods increased more than expected in October.

In the US, personal spending advanced more-than-anticipated in October.

US consumer confidence index fell more than market forecast in November.

The US Richmond Fed manufacturing index dropped in November.

US initial jobless claims unexpectedly advanced to a 5-week high level last week.

US consumer sentiment weakened more than initially estimated in November.

In the US, personal income dropped in October.

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

Australia’s trade surplus narrowed on a monthly basis in October.

China’s NBS manufacturing PMI rose in November, recording its highest level since September 2017.

In China, the non-manufacturing PMI advanced in November, recording its highest reading since June 2012.

Japan’s coincident index climbed in September.

In Japan, retail trade jumped for the first time in eight months in October.

Japan’s industrial output rose for the fifth consecutive month in October.

Japan’s leading economic index advanced less than market forecast in September.

In Japan, the Tokyo consumer price index dropped in November, marking its biggest annual drop since May 2012.


Currency Update

The EUR ended firmer against the USD last week, after German GDP advanced more than market expectations in 3Q20.
The British Pound ended stronger against the greenback last week, amid hopes that Britain and the European Union would reach a Brexit trade deal.
The US Dollar ended mostly weaker against its major counterparts last week, as receding US political uncertainty and expectations for coronavirus vaccines dampened the safe haven appeal of the currency


FOMC minutes: Highlight concerns about Covid-19

The Federal Open Market Committee (FOMC), in its November meeting minutes, highlighted concerns over the rapidly rising coronavirus cases in the country. The Federal Reserve (Fed) indicated that it might purchase more longer-term bonds to help further lower interest rates on debt like mortgages. Further, the FOMC members see general economic progress but believed that much more is needed to get the economy back to pre-Covid levels.


The Week Ahead

Going ahead this week, investors will keep a tab on the US Chicago Purchasing Managers' Index, pending home sales, the Markit manufacturing PMI, the ISM manufacturing PMI, Fed chair Jerome Powell’s testimony, ADP employment change, Fed’s Beige book, initial jobless claims, nonfarm payrolls, average hourly earnings, the unemployment rate, trade balance and factory orders for further direction. Additionally, Eurozone’s Markit manufacturing PMI, the consumer price index (CPI), European Central Bank President Christine Lagarde’s speech, the producer price index (PPI), the Markit services PMI, retail sales along with Germany’s CPI, the unemployment rate, the Markit manufacturing PMI, retail sales, the Markit services PMI and factory orders will keep investors on their toes. Also, UK’s Markit manufacturing and services PMI, consumer credit, mortgage approvals, the BRC shop price index and the Markit construction PMI would garner significant amount of investor attention.


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