A review of the week past and the week ahead 14th of December

What mattered last week:

The S&P500 fell -1.20% last week as hopes of a fiscal stimulus deal before year-end faded and rising new coronavirus cases weighed.
As well as the increased possibility of a “no-deal” Brexit.
U.S economic data was mixed. Notably, rising jobless claims provided further confirmation employment growth is stalling.
Volatility, as measured by the VIX index, closed higher at 23.3%
U.S. 10-year yields closed 6bp lower, near 0.91%.
Gold closed flat near $1839.00.
A sixth straight week of gains for crude oil closing near $46.57/bbl.
The ASX200 closed flat at 6642.6 as surging commodity prices supported the market.
In FX, the AUDUSD closed the week up near .7530 once again supported by surging commodity prices and broad-based U.S. dollar weakness.

For the week ahead, the key events are:

Australia: RBA meeting minutes (Tuesday), Markit PMI’s, and HIA new home sales (Wednesday), Labour force report (Thursday).

Labour force report (Thursday): The expectation is for a gain of +50k new jobs in November following last month's 179,000 rise. The unemployment rate is expected to remain unchanged at 7.0%.

New Zealand: Westpac consumer confidence (Monday), global dairy trade and current account (Wednesday), Q3 GDP (Thursday), ANZ Roy Morgan consumer confidence, ANZ business confidence, and balance of trade (Friday).

China: Fixed asset investment, industrial production, retail sales, and employment (Tuesday).

Japan: Tankan business survey (Monday), Jibun Bank PMI (Wednesday), CPI, and BoJ interest rate meeting (Friday).

U.S: Retail sales and Markit PMI (Wednesday), FOMC interest rate decision (Thursday).

FOMC interest rate meeting (Thursday): Will remain dovish, however, there is likely to be some acknowledgment of upside risks stemming from the vaccine's arrival.

Canada: CPI (Wednesday), retail sales (Friday).

Euro Area: German and EA Markit PMIs (Wednesday), German IFO (Friday).

UK: Employment (Tuesday), CPI (Wednesday), Bank of England interest rate meeting (Thursday), retail sales (Friday).

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