{"id":3333,"date":"2020-10-19T10:30:26","date_gmt":"2020-10-19T09:30:26","guid":{"rendered":"https:\/\/sarasinandpartners.com\/za\/think\/market-news-19-october-2020\/"},"modified":"2020-10-19T11:14:47","modified_gmt":"2020-10-19T10:14:47","slug":"market-news-19-october-2020","status":"publish","type":"post","link":"https:\/\/sarasinandpartners.com\/za\/think\/market-news-19-october-2020\/","title":{"rendered":"Market news &#8211; 19 October 2020"},"content":{"rendered":"<h3>China data remains robust<\/h3>\n<ul>\n<li>Chinese Total Social Financing (TSF, the broadest measure of credit provision in the economy), increased 13.5% year on year in September, the seventh consecutive monthly advance, driven by a tripling of local government bond issuance versus a year ago and a rise in long-term household loans (primarily mortgages) to a 20-month high.<strong><em>\u00a0<\/em><\/strong><\/li>\n<\/ul>\n<ul>\n<li>Chinese exports\u00a0rose +9.9% year on year in September, roughly in line with expectations, whilst imports\u00a0leaped +13.2%, well ahead of expectations on surging domestic demand. Hence, the trade surplus came in at a smaller-than-expected US$37bn.<strong><em>\u00a0<\/em><\/strong><\/li>\n<\/ul>\n<h3>US data also upbeat<\/h3>\n<ul>\n<li>September US retail sales jumped 1.4% on the control group measure (ex autos, gasoline and building materials), well ahead of expectations. The NFIB small business survey jumped to 104.0, the highest reading since February.<strong><em>\u00a0<\/em><\/strong><\/li>\n<\/ul>\n<ul>\n<li>The bellwether Philly Fed survey also materially exceeded expectations at 32.3 in October (14.8 expected, 15.0 prior). Industrial production, however, disappointed, contracting -0.6% in September vs expectation for a +0.5% increase.<strong><em>\u00a0<\/em><\/strong><\/li>\n<\/ul>\n<h3>UK unemployment rises; sovereign rating downgraded<\/h3>\n<ul>\n<li>The UK unemployment rate rose 0.2pp to 4.5% in the three months to August although the rise was in part due to a methodological change. Unemployment is likely to rise significantly in the coming months.<\/li>\n<\/ul>\n<ul>\n<li>Moody\u2019s downgraded the UK\u2019s sovereign rating to Aa3, estimating that the country has seen the sharpest peak-to-trough contraction in the entire G20. The ratings agency also commented that \u201cthe quality of the UK\u2019s legislative and executive institutions has diminished in recent years\u201d.<strong><em>\u00a0<\/em><\/strong><\/li>\n<\/ul>\n<h3>Equities choppy; the previous week\u2019s rally loses momentum<\/h3>\n<ul>\n<li>Global equities moved sideways as expectations for a fiscal stimulus package in the US prior to the General Election receded and polls in some of the swing states started to narrow. European equities notably underperformed as new Covid-19 cases accelerated.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>China data remains robust Chinese Total Social Financing (TSF, the broadest measure of credit provision in the economy), increased 13.5% year on year in September, the seventh consecutive monthly advance, driven by a tripling of local government bond issuance versus a year ago and a rise in long-term household loans (primarily mortgages) to a 20-month...<\/p>\n","protected":false},"author":41,"featured_media":858,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"coauthors":[79,80],"class_list":["post-3333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market news - 19 October 2020 - Sarasin &amp; 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