A review of the week past and the week ahead 30th of November

What mattered last week:

In a holiday-shortened week, the S&P500 rose 2.31% following the announcement of a third effective vaccine that countered Covid19 concerns.
As well as President-elect Biden's nomination of former Fed Chair Janet Yellen as Treasury Secretary.
Economic data in the U.S was mixed. A strong gain in business PMI’s and durable goods offset weak consumer confidence and jobless claims.
European economic data slowed as expected, reflecting tighter social distancing restrictions.
Volatility, as measured by the VIX index, closed lower at 20.8.
U.S. 10-year yields closed 2bp higher, near 0.84%.
Gold fell almost 4.5%, to close near $1787.00.
A fourth straight week of gains for crude oil closing over 7% higher at $45.53/bbl.
The ASX200 closed ~1% higher at 6601.1 taking gains in November to over 11%.
In FX, the AUDUSD closed the week near .7385, buoyed by strong commodity prices and broad-based U.S. dollar weakness.

For the week ahead, the key events are:

Australia: Business inventories, company profits, private sector credit (Monday), building approvals and RBA interest rate meeting (Tuesday), Q3 GDP (Wednesday), balance of trade (Thursday), retail sales (Friday).

Q3 GDP (Wednesday): Despite the shutdown in Victoria, the market consensus is for Q3 GDP to rise by 2.5% q/q.

New Zealand: Global dairy trade auction, terms of trade (Wednesday), building permits (Thursday).

China: NBS PMI’s (Monday), Caixin manufacturing PMI (Tuesday), Caixin serves, and composite PMI (Thursday).

Japan: Retail sales, industrial production (Monday), employment (Tuesday).

U.S: ISM manufacturing PMI (Tuesday), jobless claims, and ISM non-manufacturing (Thursday), employment (Friday).

Employment (Friday): The expectation is for a 500k increase in jobs and a small improvement in the unemployment rate to 6.8% from 6.9% in October.

Canada: GDP (Tuesday), employment (Friday).

Euro Area: German and EA inflation and German employment (Tuesday), German retail sales, and EA employment (Wednesday), EA retail sales (Thursday), German factory orders (Friday).

UK: Nothing of note.

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