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Weekly Market Report

30 Dec 2019

30 December 2019


The Market Last Week

Global equities ended firmer last week, on optimism surrounding the Sino-US trade deal.

UK Markets ended the week in positive territory, amid positive signals from the US and China phase-one trade deal.

European Markets ended the week on a positive footing, on escalating hopes that a Sino-US trade deal would be inked soon.

In Germany, the import price index rose more than market expectations on a monthly basis in November.

US Markets ended the week in green, following positive developments related to the US-China trade deal.

In the US, durable goods orders unexpectedly fell in November.

The Chicago Fed National Activity Index improved in November.

New home sales rose less than market consensus on a monthly basis in November.

The Richmond Fed manufacturing index dropped in December.

Initial jobless claims fell more than market forecast on a weekly basis for the week ended 20 December 2019.

The MBA mortgage applications declined on a weekly basis in the week ended 20 December 2019.

Asian Markets ended firmer last week, boosted by robust Chinese economic data.

In Japan, all industry activity index unexpectedly fell on a monthly basis in October.

The leading economic index in Japan eased in October.

In Japan, housing starts dropped on an annual basis in November.

The Tokyo consumer price index (CPI) in Japan rose on an annual basis in December.

The seasonally adjusted retail trade rose less than market consensus on a monthly basis in November.

In Japan, industrial production unexpectedly fell on a yearly basis in November.

Japan’s construction orders slid on a yearly basis in November.

Japan’s unemployment rate unexpectedly dropped in November, declining for the first time in 4 months.

Industrial profits in China rose at its fastest pace in eight months in November.


Currency Update

The EUR ended firmer against the USD in the prior week, on renewed optimism about global growth.
The British Pound ended stronger against the greenback in the previous week, as worries over Brexit faded.
The US Dollar ended weaker against its major counterparts last week, as risk appetite returned among investors, following US-China trade deal hopes.


Bank of Japan (BoJ) Minutes: Signal significant downside risks to overseas economies

Minutes of the BoJ October monetary policy meeting indicated that the board members were of the view that the central bank must work carefully with the government in dealing with the next economic downturn. One member suggested that given downside risks, the central bank should continue to examine whether additional monetary easing would be necessary. They also debated the demerits of prolonged monetary easing, with one warning that life insurers could struggle to meet provisions guaranteed to policy holders if current ultra-low interest rates persist.


The Week Ahead

Going ahead this week, investors will keep a tab on the US pending home sales, Chicago Purchasing Manager’s Index, housing price index, consumer confidence, initial jobless claims, the ISM manufacturing PMI and the FOMC minutes. In the Eurozone, investors will look forward to the Markit manufacturing PMI along with Germany’s retail sales, unemployment rate and the CPI for further direction.


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