Fisher Investments recaps the biggest market, political and economic news from last week, including US unemployment data, Japan’s November industrial production and China’s December NBS manufacturing and non-manufacturing PMIs.
Global equities rose in a holiday-shortened week as an eventful 2020 comes to a close. In the US, data were light. Initial jobless claims decreased to 787,000 in the week ending December 26, lower than analyst expectations.
In Japan, preliminary November industrial production was flat at 0.0% m/m and declined 3.4% y/y, both lower than expected. November retail sales decreased 2.0% m/m but increased 0.7% y/y. The November unemployment rate fell to 2.9%, beating expectations. In China, the official December NBS manufacturing and non-manufacturing Purchasing Managers’ Indexes (PMI)—focused on large, state-owned firms—came in at 51.9 and 55.7, respectively (readings over 50 indicate expansion).
The Week Ahead
The US, UK, eurozone, China and Japan release December manufacturing and services PMI figures. The US will release December unemployment figures and November trade data. The eurozone will announce November retail sales and unemployment data.
Tip of the Week
Fisher Investments’ offices and US markets will be closed on Friday, January 1 for New Year’s Day. We wish you and your families a safe and happy new year!
Source for all data cited is FactSet. This update constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. No assurances are made we will continue to hold these views, which may change at any time based on new information, analysis or reconsideration. In addition, no assurances are made regarding the accuracy of any forecast made herein. Global equities are represented by the MSCI World Index. The MSCI World Index measures the performance of selected stocks in 23 developed countries and is presented net of dividend withholding taxes and uses the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Past performance is no guarantee of future results. A risk of loss is involved with investments in stock markets.