Weekly Market Recap
Vaccinations and variations
Week in review
- Australia’s unemployment rate falls to 6.4%
- U.S. retail sales very strong at 5.3% m/m
- Preliminary Australian retail sales increase by 10.7% y/y
- U.S. consumer confidence
- Australia capital expenditure for 4Q 2020
- Australia private sector credit for January
Thought of the week
The British pound reached a three year high last week as sentiment was lifted in response to declining COVID-19 cases and rising vaccination rates. Once again its been proven the restricting the mobility of a population curtails the spread of the virus. The questions is always what happens when those restrictions are removed? With an increasing share of the population having received at least part of a vaccination the should be fewer cases as the UK economy re-opens. Contrast this with the continental Europe. Case numbers are falling there too but the roll-out of vaccinations has been much slower (see chart) so a lifting of restrictions could see a another spike in cases. The effectiveness of the current suite of vaccines against all COVID-19 strains remains the biggest risk to the quite rosy economic and market outlook globally, not inflation. Inflation rates will move higher but are unlikely to be troubling for central banks anytime soon.
People who have received at least one dose of vaccine
% of population
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.