Australia

What mattered last week: The S&P500 rose on optimism that the worst of the economic data is now behind us. As well as an apparent easing in U.S.- China tensions. And a gradual re-opening of economies as new Covid-19 cases appears to have peaked and is falling in many developed countries.

What mattered last week: After strong gains the previous week, U.S. equity markets fell 2.1% as the COVID-19 crisis deepened. However, volatility continues to subside from the extreme levels of March and a reliable measure of overall volatility, the VIX Index has dropped over 45% from recent highs.

What mattered last week: After six straight weeks of gains, U.S. stocks closed marginally lower last week as optimism surrounding the U.S. – China trade deal waned. Fuelled by confusion around tariff rollbacks and the amount of agricultural purchases China will make from the U.S. Data wise a weak composite Eurozone PMI on Friday overshadowed a much needed pick up in the manufacturing sector PMI.

What mattered last week: U.S. stocks rallied for a third straight week, supported by good September quarter earnings reports and increased optimism that we may have seen a low point in global growth. As well as good news on the trade front with President Trump confirming trade talks are progressing well and that China “want to make a deal”. Despite a setback to the Brexit timetable last week most agree that the Boris Johnsons Brexit deal will be passed before year-end.

What mattered last week: Positive news flow continued last week with both China and the U.S. making trade war concessions which helped the S&P 500 close in on its July high. The ECB announced significant monetary policy easing measures which exceeded all expectations, including QE to continue for as long as needed. The removal of National Security advisor and policy hawk John Bolton goes some way to validating reports that President Trump was considering easing sanctions on Iran.

Currency markets have been dominated by the latest Brexit dramas

澳联储今天三年来首度降息25个基点，将利率下调至记录新低。

消费增长疲弱，加上最新的贸易紧张，令澳元在今天的薪资数据公布之前承压下挫。 澳元/美元目前只比0.69高出27点子，要守住此位，可能需要明天的就业数据比预期强很多。