{"id":3464,"date":"2020-11-16T10:35:43","date_gmt":"2020-11-16T10:35:43","guid":{"rendered":"https:\/\/sarasinandpartners.com\/za\/think\/market-news-16-november-2020\/"},"modified":"2020-11-30T12:04:57","modified_gmt":"2020-11-30T12:04:57","slug":"market-news-16-november-2020","status":"publish","type":"post","link":"https:\/\/sarasinandpartners.com\/za\/think\/market-news-16-november-2020\/","title":{"rendered":"Market news &#8211; 16 November 2020"},"content":{"rendered":"<h3>Chinese data still exceptionally strong, whilst European economic performance already apparently on a downward trajectory even before the latest wave of lockdown measures<\/h3>\n<ul>\n<li><strong><em>\u00a0<\/em><\/strong>Chinese exports grew 11.4% year on year in October (September: +9.9% year on year, consensus: +9.2% year on year), beating market expectations for the 8<sup>th<\/sup> consecutive month. Demand was driven by clothing and footwear segments and (iPhone) mobile phone exports, whilst textiles (and face mask sales) moderated. Import growth slowed to +4.7% year on year in October (September: +13.2%, consensus: +8.6%). Export growth took China\u2019s overall trade surplus to $58.4bn in October (from $42.3bn a year ago).<\/li>\n<\/ul>\n<ul>\n<li>UK unemployment rose to 4.8% in September (August: 4.5%) even as HM Government enacted the Job Retention Scheme as an extension to furlough. UK GDP rose 1.1% in September (consensus: 1.5%), a material slowdown from the July-August period which nevertheless left Q3 growth at +15.5% qoq. The construction sector has been among the worst hit by the lockdowns, with output -12.5% year on year.\u00a0 Services output was down -10.0% year on year, industrial production -6.7% and manufacturing -8.8%. Household consumption spiked in Q3 but remains down -12.7% year on year.<\/li>\n<\/ul>\n<ul>\n<li>Euro area industrial production declined -0.4% month on month in September. Italy and Ireland drove the majority of the decline, -5.6% and -4.7% respectively, as levels normalised from earlier peaks. German production increased +1.7% over the month, France +1.5% and Spain +0.6%. Analysts are expecting the impact of the second wave of lockdowns to be less severe than the first, as governments have allowed many factories to remain open.<\/li>\n<\/ul>\n<h3>Markets surged on Pfizer vaccine news before consolidating<\/h3>\n<ul>\n<li>Equities leaped in response to the news of an ostensibly successful test of a potential Covid-19 vaccine by Pfizer, with many signs of a pro-growth \u201cValue rotation\u201d in evidence \u2013 European equities, led by Euro Bank stocks, outperforming US, with US Tech a notable laggard.<\/li>\n<\/ul>\n<ul>\n<li>The initial euphoria rapidly wore off as markets acknowledged that the news is unlikely to signal an imminent removal of growth-constrictive lockdown measures; however, a more optimistic tone had returned to markets by the end of the week.<\/li>\n<\/ul>\n<ul>\n<li>The \u201cthrill of the chase\u201d of an effective Covid vaccine, allied to the return to a less antagonistic attitude to diplomacy and global trade anticipated from a Biden White House (reflected in miniature by the sacking of Brexit architect Dominic Cummings from his Downing Street team by British PM Johnson) creates the pre-conditions for a more benign conclusion to the year for financial markets.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Chinese data still exceptionally strong, whilst European economic performance already apparently on a downward trajectory even before the latest wave of lockdown measures \u00a0Chinese exports grew 11.4% year on year in October (September: +9.9% year on year, consensus: +9.2% year on year), beating market expectations for the 8th consecutive month. Demand was driven by clothing...<\/p>\n","protected":false},"author":41,"featured_media":1984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"coauthors":[79,80],"class_list":["post-3464","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 - 16 November 2020 - Sarasin &amp; Partners South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sarasinandpartners.com\/za\/think\/market-news-16-november-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market news - 16 November 2020 - Sarasin &amp; Partners South Africa\" \/>\n<meta property=\"og:description\" content=\"Chinese data still exceptionally strong, whilst European economic performance already apparently on a downward trajectory even before the latest wave of lockdown measures \u00a0Chinese exports grew 11.4% year on year in October (September: +9.9% year on year, consensus: +9.2% year on year), beating market expectations for the 8th consecutive month. Demand was driven by clothing...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sarasinandpartners.com\/za\/think\/market-news-16-november-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Sarasin &amp; Partners South Africa\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-16T10:35:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-30T12:04:57+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@sarasinpartners\" \/>\n<meta name=\"twitter:site\" content=\"@sarasinpartners\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/za\\\/think\\\/market-news-16-november-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/za\\\/think\\\/market-news-16-november-2020\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Market news &#8211; 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