Market Overview
Key Points:
• Worldwide coronavirus cases surpass 254.384 million with over 5.119 million official deaths.
• New Zealand has 3056 active cases of coronavirus with 173 new cases today and 0 deaths. Meanwhile, the Australian State of New South Wales reported 165 new cases and 1 deaths yesterday with Victoria reporting 860 new cases with 5 deaths
• The resurgence of covid 19 in Japan has dented the Japanese economy by around 1.0% in the third quarter of 2021- y/y this is a contraction of 3.0%. Pre covid growth is expected to return (+1.0%) in the first quarter of 2022
• Chinese Industrial Production rises from to 3.5% in October from September’s 3.1%
• UK House prices have posted its biggest monthly fall since January
• Massive rises in energy throughout the eurozone weighs on growth forecasts
• Canada’s rising property market took on more heat rising 8.6% from September to October, y/y 18.2%
• Climate talks in Glasgow (COP26) have agreed on a 1.5 degree cap with a last minute compromise with the phase down of coal production.
• China has warned Australian forces to “back off” in their defence of Taiwan saying they could come under “heavy attack”
Major Announcements last week:
- German economic sentiment improved in November 31.7 vs 20.3 predicted
- US CPI for October 0.9% or 6.2% y/y vs 5.8% expected
- Australian Unemployment rose from 4.6% in September to 5.2% in October
- UK GDP (prelim) estimated to have grown 1.3% in Q3
- Chinese Retail Sales y/y to October published at 4.9% from September’s 4.4%