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Weekly Market Report

09 Dec 2019

09 December 2019

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The Market Last Week

Global equities ended mostly lower last week, amid persistent uncertainty surrounding the US-China trade deal.


UK Markets ended the week in negative territory, amid heightened global trade concerns and rise in the British Pound.

In the UK, the Markit manufacturing PMI dropped less than market expectations in November.

The BRC retail sales across all sectors declined more than market anticipations on an annual basis in November.

The Markit construction PMI rose more than market consensus in November.

The final Markit services PMI dropped in November, registering its sharpest drop in eight months.

The Halifax house prices advanced at its fastest pace in seven months in three months to November.




European Markets ended the week on negative footing, after the US President, Donald Trump, imposed tariffs on European imports dampening investor sentiment.

Eurozone’s economy grew as initially estimated in the third quarter.

In the Eurozone, retail sales advanced less-than-expected in October.

The Markit manufacturing PMI in the Eurozone advanced more than market forecast in November.

In the Eurozone, the producer price index (PPI) declined in line with market expectations on an annual basis in October.

In the Eurozone, the final Markit services PMI declined less than market consensus in November.

In November, the final Markit services PMI unexpectedly rose in Germany.

In Germany, the Markit manufacturing PMI climbed beating market expectations in November.

Germany’s seasonally adjusted factory orders unexpectedly fell on a monthly basis in October.

In Germany, seasonally adjusted industrial production unexpectedly declined on a monthly basis in October.




US Markets ended the week mostly lower, after President, Donald Trump, stated that the US-China trade deal might not be reached until 2020 presidential elections.

The ISM manufacturing activity index unexpectedly dropped in November.

The final Markit manufacturing PMI advanced more than market consensus in November.

Construction spending unexpectedly declined on a monthly basis in October.

The MBA mortgage applications fell on a weekly basis for the week ended 29 November.

The final Markit services PMI rose in line with market expectations in November.

The ISM non-manufacturing PMI declined more than market anticipations in November.

Factory orders advanced for the first time in three months in October.

Durable goods orders climbed on a monthly basis in October.

Initial jobless claims unexpectedly fell to a seven-month low level for the week ended 29 November.

Trade deficit narrowed to a 16-month low level in October.

The flash Michigan consumer sentiment index accelerated to a seven-month high level in December.

Average hourly earnings of all employees rose less than market forecast on a monthly basis in November.

US non-farm payrolls climbed in November, hitting its highest level in 10 months.

The unemployment rate unexpectedly declined to a fifty-year low in November.




Asian Markets ended firmer last week.

In Australia, seasonally adjusted current account surplus widened in 3Q19.

Australia’s seasonally adjusted gross domestic product (GDP) rose less than market anticipations on a quarterly basis in 3Q19 in Australia.

In Australia, the AiG performance of services index dropped in November.

The Commonwealth Bank services PMI in Australia advanced higher than market expectations in November.

The seasonally adjsuted retail sales in Australia recorded a flat reading on a monthly basis in October.

In Australia, seasonally adjusted trade surplus narrowed more than market forecast in October.

In Japan, the Jibun Bank services PMI advanced less than market consensus in November.

Overall household spending in Japan dropped more than expected on an annual basis in October.

The preliminary leading economic index unexpectedly fell in October in Japan.

The final gross domestic product (GDP) in Japan advanced on a quarterly basis in 3Q19.

In Japan, trade surplus (BOP basis) widened in October.

The Caixin services PMI rose more than market forecast in China in November.

In China, trade surplus unexpectedly narrowed in November.




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Currency Update

The EUR ended firmer against the USD last week, as Eurozone’s economy grew as initially estimated in the third quarter.
The British Pound ended stronger against the greenback last week, after fresh polls indicated that the Conservative Party is leading ahead of the Labour Party.
The US Dollar ended weaker against its major counterparts last week, amid US-China trade tensions.


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RBA leaves interest rates on hold

The Reserve Bank of Australia (RBA), in its latest monetary policy meeting, kept its interest rate steady at 0.75%, as widely expected and decided to maintain the rates at the current levels till February 2020. In a statement post meeting, RBA Governor, Philip Lowe, stated that the global economic prospects remain rational and the risks continue to remain subdued.


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The Week Ahead

Going ahead this week, investors will keep a tab on US non-farm productivity, consumer price index (CPI), Fed's interest rate decision and monetary policy statement, initial jobless claims, PPI and retail sales. Further, Eurozone’s Sentix investor confidence index, the ECB interest rate decision, ZEW survey indices across the euro area, industrial production along with Germany’s CPI, trade balance, will be on investor’s radar. Additionally, UK’s trade balance, industrial production, manufacturing production, GDP, will garner significant amount of investor attention.


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