- Australia’s S&P/ASX 200 Index declined by -0.5% in November masking some disparate returns across sectors.
- Nonfarm payrolls rose 210,000 in November, well below of expectations of a 550,000 increase.
- Eurozone annual inflation rose to 4.9%, the highest rate since July 1991.
- The RBA kept the cash rate on hold at 0.1% as expected, with indications that inflation had picked up but remains low in underlying terms.
Global Covid-19 cases continue to rise with numbers surpassing 262 million cases and 7.7 billion vaccine doses administered as at the end of November. COVAX missed its developing world vaccination target for November and called on wealthy nations to do more to get vaccines where needed most, especially in the wake of the new Omicron variant. Inflation has climbed across the globe, with the US recording its highest level in 30 years.
The Federal Reserve kept its policy rate unchanged at 0.00-0.25%, as expected. Personal consumption increased 1.7% annually, ahead of the expected 1.6%.
The European Central Bank (ECB) kept interest rates on hold at 0.0%, as expected, and indicated the very generous monetary policy support to the economy would need to be reassessed at some point in the future in view of the improved inflation outlook.
China’s inflation rate increased 0.7% month-on-month in October, in line with market expectations, with the annual rate increasing sharply to 1.5%, above the expected 1.4%.
Japan’s unemployment rate fell 10bps to 2.7% in October, slightly ahead of expectations of 2.8%.
The RBA left the cash rate unchanged at 0.1%, as widely expected, with indications that inflation had picked up but remains low in underlying terms.
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