Weekly Market Recap
All I want for Christmas
Week in review
- Australian business confidence jumps
- Australian consumer confidence surges to 120
- Chinese inflation rate falls to -0.50%
- RBA minutes of policy meeting
- Australia employment report
- Eurozone PMI manufacturing
Thought of the week
Vaccine or no vaccine the impacts of COVID-19 will linger in markets and economies into the new year. The path of the virus varies by economy and means that the global recovery will be uneven. The U.S. and Europe are at different stages of their second waves of the virus. At the time of writing U.S. politicians are still trying to pull together a stimulus package to cushion the economic impact and extend support measures to households and heavily impacted sectors. The worsening economic outlook may spur them to broker a deal, but nothing is certain. Meanwhile, the Eurozone outlook is starting to improve as the benefit of earlier containment measures is starting to show through in some places. This is reflected in the degree of surprise in economic data. The surprise level in both regions had moved together recently, they are now starting to diverge with the Eurozone in the lead. The U.S economy is likely to lag the rest of the world heading into 2021 unless a stimulus package is under the tree at Christmas.
Economic surprise is diverging as the virus spreads
JPMorgan Global Research Enhanced Index Equity Fund
To achieve a long-term return in excess of the benchmark by investing primarily in a portfolio of companies, globally; the risk characteristics of the portfolio of securities held by the Sub-Fund will resemble the risk characteristics of the portfolio of securities held in the benchmark.