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Weekly Market Report

25 Nov 2019

25 November 2019


The Market Last Week

Global equities ended weaker last week.

UK Markets ended the earlier week in positive territory, boosted by weaker pound following the release of disappointing economic data and uncertainty over Brexit.

The CBI balance of firms reporting total order book advanced more than market consensus on a monthly basis in November.

Budget deficit widened more than expected in October.

The Markit services PMI unexpectedly declined in November.

The flash estimate of Markit manufacturing PMI dropped more than market expectations in November.

European Markets ended the previous week on a negative footing, amid concerns over trade talks between the US and China and dismal economic data from the eurozone.

Eurozone’s construction output unexpectedly fell on a yearly basis in September.

The seasonally adjusted current account surplus narrowed in the Eurozone in September.

In the Eurozone, the preliminary reading of consumer confidence rose more than market anticipations in November.

In Germany, producer price index (PPI) fell more than market expectations on a monthly basis in October.

The Markit services PMI unexpectedly dropped in the Eurozone in November.

In November, the Markit manufacturing PMI rose to a 3-month high in the Eurozone.

Germany’s seasonally adjusted final gross domestic product advanced at par with market expectations on a quarterly basis in 3Q19.

The Markit manufacturing PMI climbed more than market forecast in Germany.

In Germany, the Markit services PMI unexpectedly fell in November.

US Markets ended the last week in red, as investors expressed caution over mixed headlines on the progress of trade negotiations between the US and China.

The NAHB housing market index unexpectedly declined in November.

Building permits unexpectedly rose to a 12-year high on a monthly basis in October.

Housing starts rose less than market anticipations on a monthly basis in October.

The MBA mortgage applications dropped on a weekly basis in the week ended 15 November.

Initial jobless claims remained unchanged on a weekly basis for the week ended 15 November.

Leading indicator fell for the third straight month in October.

The Philadelphia Fed manufacturing index advanced more than market expectations in November.

Existing home sales rose less than market consensus on a monthly basis in October.

The preliminary Markit manufacturing PMI rose more than market expectations in November.

The preliminary Markit services PMI climbed more than market consensus in November.

The final Michigan consumer sentiment index advanced in November.

The Kansas City Fed manufacturing activity index unexpectedly fell in November.

Asian Markets ended mostly weaker last week, amid escalating tensions in Hong Kong after pro-democracy candidates won a majority of seats in a local district council election.

In Australia, the Westpac leading index declined on a monthly basis in October.

Adjusted merchandise trade deficit in Japan unexpectedly narrowed in October.

Japan’s national CPI rose less than market anticipation on an annual basis in October.


Currency Update

The EUR ended lower against the USD last week, after data indicated that the Euro-zone services sector activity unexpectedly fell in November.
The British Pound ended weaker against the greenback in the previous week, following the release of weaker-than-expected economic data in the UK.
The US Dollar ended mostly stronger against its major counterparts last week, on the back of upbeat US economic data.


Fed policymakers to keep interest rates on hold until significant change in economic conditions

Federal Reserve’s (Fed) October policy meeting minutes revealed that the policymakers generally viewed the economic outlook as positive and it is likely that they will not cut interest rates again unless economic conditions change significantly. They further discussed the possibility of setting up a standing repo facility in the wake of recent stress in short-term money markets.


The Week Ahead

Going ahead this week, investors will keep a tab on the US Fed Chairman, Jerome Powell’s speech, consumer confidence, new home sales, Richmond Fed manufacturing index, mortgage applications, initial jobless claims and most importantly Fed’s Beige Book. Additionally, in Europe, investors will closely monitor consumer confidence, business climate, CPI and couple of speeches from key ECB officials. Germany’s consumer confidence, CPI and unemployment figures will also be on investors’ radar.


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