Weekly Insight December 4 | Harris Fraser
Research Insights
4 December, 2020
Weekly Insight December 4

Weekly Insight December 4

usaUS

A U.S. Senate panel proposed a $908 billion economic stimulus package, which was subsequently supported by Democrats. The news pushed U.S. stocks higher, but Thursday's report that Pfizer's vaccine production fell short of expectations dragged the stock market down slightly from the highs, but the three indices still recorded a cumulative gain of 0.32% to 2.34% in the five days ending Thursday. Biden is reportedly assembling a new team, and said he has already decided on a number of economic department candidates, including former Federal Reserve Board Chair Yellen as Treasury Secretary, and Brian Deese, a BlackRock executive and former economic advisor to President Obama, to lead the National Economic Council. On the neo-crowning front, the number of new daily confirmed cases worldwide surpassed 700,000 and reached a record high, while Pfizer said it had lowered its earlier vaccine production target by half. In terms of data, the ISM manufacturing and services indices for November were both lower than the previous month, indicating that the pace of economic recovery is slowing. The U.S. will release the Consumer Price Index for November and the University of Michigan Market Sentiment Index for December.

euroEUROPE

The UK's approval of Pfizer's new coronary vaccine, coupled with the positive news of the Brexit trade negotiations, pushed the UK stock market and the British pound both higher, the UK FTSE 100 index rose 2.0% in the five days ending on Thursday, the French CAC index and Germany's DAX index were both up and down; the pound against the dollar was high at the 1.3500 level, a new one-year high. It is reported that the EU's chief Brexit negotiator Barnier will return to Brussels on Friday, the market is expected to Brexit negotiations may be close to completion, at the same time, the European Commission President also expects Brexit trade negotiations or within a few days to achieve positive results. The European Central Bank (ECB) will hold an interest rate meeting, where markets are expected to expand asset purchases.

chinaCHINA

The stock markets in China and Hong Kong developed separately, with the CSI 300 Index up 1.71% and the Hang Seng Index down slightly. The HKMA spokesperson said that the HKMA is working with the PBoC on a framework study on the implementation of the "Southbound Bonds Connect" after the "Northbound Connect". It is also reported that the PBoC will assess systemically important banks annually from next year to reduce the likelihood of significant risks. China will release its consumer price index for November and trade balance data for November.

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