D-PIMS Weekly Market Update - Week of 18th to 24th January 2021
Today’s Monday Update:
Over the course of last week, most headlines were related to US Politics and Coronavirus:
• The United Kingdom is vaccinating 140 people per minute against COVID-19 on average, Vaccine Deployment Minister Nadhim Zahawi said on Monday. He also stated, that key workers in Britain such as teachers, the police and shopworkers could move to the top of the list for a vaccine once all those over 50 have been offered a shot.
State prosecutors in Russia asked a judge on Monday to jail Kremlin critic Alexei Navalny for 30 days, after he was detained the previous evening at a Moscow airport when flying home for the first time since he was poisoned last summer. The United Nations and Western nations told Russia to immediately free the opposition politician and some countries called for new sanctions. Moscow told them to mind their own business.
China’s economy picked up speed in the fourth quarter, with growth beating expectations as it ended 2020 in remarkably good shape and remained poised to expand further this year, even as the global pandemic continues.
• European Union states should aim to vaccinate at least 70% of their adult populations against COVID-19 by the summer, the European Commission recommended on Tuesday. The EU executive also said it will work to boost the production capacity of vaccine makers, with measures that could include investment in plants and faster regulatory procedures to authorise them.
• On Wednesday, Democrat Joe Biden was sworn in as the 46th president of the United States, assuming the helm of a country beset by deep political divides and battered by a raging coronavirus pandemic. Biden, 78, became the oldest U.S. president in history.
British inflation gathered speed in December, starting what is expected to be a climb this year as pandemic-fighting measures, Brexit and a recovery in the economy combine to push up costs for consumers and businesses. Consumer prices rose 0.6% in annual terms after a 0.3% increase in November, the Office for National Statistics said. A Reuters poll of economists had pointed to a rate of 0.5%.
U.S. President Joe Biden signed 15 executive actions shortly after being sworn in on Wednesday, undoing policies put in place by his Republican predecessor, Donald Trump, and making his first moves on the pandemic and climate change.
Democrats took control of the U.S. Senate on Wednesday, when Vice President Kamala Harris swore in three members to give the party a narrow grip on both houses of Congress, as well as the White House for the first time in a decade.
• Figures released on Thursday, showed the number of Americans filing new applications for unemployment benefits decreased modestly over the last week in the U.S. Initial claims for state unemployment benefits totalled a seasonally adjusted 900,000 for the week ended 16th January, compared to 926,000 in the prior week, the Labor Department said. Economists polled by Reuters had forecast 910,000 applications in the latest week.
• Over the week, the main Global Stockmarkets were mixed with some up and some down, China being bar far up the most. The investment D-PIMS Portfolios were up over the week, especially the higher risk Portfolios. They were helped by Technology and China exposure their diverse allocation.
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The comments made above represent our interpretation of events and market views and are in no way a guarantee of future investment performance.