Please see below for the latest Blackfinch Group Monday Market Update received by us today 21/12/2020:
- Talks continued in the hope of finding a solution in the Brexit negotiations.
- Data showed redundancies hit a record 370,000 in the third quarter of the year, with the unemployment rate rising to 4.9%.
- UK inflation slowed again in November, to 0.3% from 0.7%, with prices weighed down by retailers cutting prices during ‘Black Friday’ sales.
- The Bank of England voted to leave interest rates on hold and revised its expectations for the decline in gross domestic product in the fourth quarter, from 2.0% to a “little over 1%”.
- UK retail sales fell 3.8% month on month in November, although economists had predicted a decline of more than 4%.
- Talks continued over a further stimulus package, with the deadline fast approaching.
- The Electoral College ratified the November presidential election result, with each state voting in line with their electorate to confirm the upcoming inauguration of Joe Biden and Kamala Harris.
- US retail sales fell further than expected in December, declining 1.1% month on month.
- The US Federal Reserve announced it will buy at least $120bn of bonds each month until substantial further progress is made towards its maximum employment and price stability goals.
- First-time jobless claims data came in above expectations in the week to 12th December, climbing to 885,000.
- The Bank of Japan extended its virus-related corporate lending programme by six months to September 2021, while making no changes to its monetary policy.
- The US began its vaccination programme, with the first three million doses of the Pfizer/BioNTech vaccine distributed for use across all states.
- The US Food and Drug Administration approved the vaccine developed by Moderna for emergency use.
- News broke of a new variant strain of COVID-19 that has become prominent in London, the South East and Eastern England.
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