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Weekly Market Snapshot: January 08, 2021
Market related news for the week ending January 8, 2021
- Monday China said it will take “necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises” after the NYSE started delisting Chinese telecommunications giants to comply with a U.S. executive order issued in November.
- After two years of on-again off-again talks, shareholders approved a merger Monday between Fiat Chrysler and PSA Peugeot. The new company will be called Stellantis and will be the fourth largest carmaker in the world.
- Tuesday Haven, the healthcare joint venture launched by JPMorgan, Amazon, and Berkshire Hathaway, announced it will be disbanded by the end of January.
- Tuesday President Trump signed an order banning transactions with eight Chinese payment apps in 45 days. Companies affected included Alibaba and Tencent.
- Wednesday Bitcoin rose above 35,000 after it was confirmed that Democrats would control the Senate Tuesday. U.S. stock futures and the U.S. dollar fell. The 10-Year U.S. Treasury yield breeched 1% for the first time since the start of the pandemic on the back of anticipated additional stimulus.
- Thursday saw the total value of the entire cryptocurrency market top $1 trillion for the first time as Bitcoin broke through $37,700 overnight to hit a new record high. The move has been attributed to large institutional investors entering the market to diversify their assets to hedge against inflation and geopolitical risks.
- Friday the Nasdaq, Dow and S&P 500 all ended the week at all-time highs
Economic news for the week ending January 8, 2021
- Monday: Manufacturing PMI for December was 57.1, up from the prior 56.5.
- Tuesday: ISM Manufacturing PMI for December came in at 60.7, much higher than expected, and up from the prior 57.5.
- Wednesday: Markit Composite PMI for December was 55.3, down from the prior 58.6.
- Wednesday: Services PMI for December came in at 54.8, down from the prior 58.4.
- Wednesday: Factory Orders for November grew 1.0%, higher than expected.
- Thursday: ISM Non-manufacturing PMI for December was 57.2, better than expected and up from the prior 55.9.
- Thursday: Initial Jobless Claims were 787,000, Continuing Jobless Claims were 5.072 million, both lower than expected.
- Friday: Non-farm Payrolls for December fell 140,000, however the unemployment rate remained steady at 6.7%. November’s job gains were revised up from 245,000 to 336,000.
Economic events for the week ending January 15, 2021
(all times listed are Eastern)
- Tuesday: JOLTs Job Openings for November at 10.00am.
- Wednesday: CPI for December at 8.30am.
- Thursday: Initial Jobless Claims at 8.30am.
- Friday: PPI for December at 8.30am.
- Friday: Retail sales for December at 8.30am.
- Friday: NY Empire State Manufacturing Index for January at 8.30am.
- Friday: Industrial Production for December at 9.15am.
- Friday: Michigan Consumer Sentiment for January at 10.00am.
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