Market WATCh Weekly 4 December 2020

Market WATCh Weekly 4 December 2020

December 4, 2020

In Australia, the GDP report confirmed the economic recovery in Q3 outside of Victoria. Building approvals and new home loans rose in October, helped by the government subsidy programs and low interest rates. Retail sales also resumed rising in October. Payrolls data indicated a flattening in the labour market recovery in early November. Offshore, the PMI reports pointed to the fastest growth in the Chinese economic activity in a decade, surprisingly helped by a multi-year record surge in foreign demand. The ISM reports showed that the US economy remains resilient to the second wave of the pandemic, though growth in services slowed somewhat. Pharmaceutical companies filed for COVID-19 vaccine authorisation in the US and Europe, and an approval was granted for the Pfizer vaccine in the UK.

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