On the Tokyo Stock Exchange, the Nikkei 225 index was able to hold above the mark of 30'000 points and trades this morning around +1.3% higher than the previous day. In Hong Kong, the Hang Seng index is up around +1.7% and reached a 32-month high in the first trading session after the Lunar New Year holidays. However, the markets in mainland China remain closed until Thursday for the New Year holiday. In Europe, the new week also began with further gains. The EuroStoxx 50 closed +1.04% higher at 3'734.20 points, exiting trading near the day's high and trading just shy of pre-corona levels. The drivers continue to be expectations of further fiscal policy stimulus and a longer-term continued loose monetary policy of central banks. In addition, hopes currently prevail that the pandemic can be overcome through ongoing vaccinations and further approvals of new vaccines, thus consolidating the recovery of the global economy. The optimistic view is also causing bond yields to rise. The yield on ten-year US government bonds rose by around five basis points to 1.24% in Asian trading – the highest level since March last year.
Leaders of the seven leading industrialized nations, the G7, will focus their talks on combating the corona pandemic at a virtual conference on Friday (February 19). This was confirmed by British Prime Minister Boris Johnson, who currently holds the G7 presidency. Johnson wants to call on his colleagues to cooperate more closely, especially in the distribution of Corona vaccines. A “new, global approach“ must be taken in this regard, he said. For the first time, the new US President Joe Biden will also be present at a G7 summit. On the same day, Biden will also attend the virtual Munich Security Conference.
The industrial sector in the eurozone recorded a decline in production in December for the first time since last spring. On a monthly basis, production fell by -1.6%, twice as much as analysts had expected. After the massive slump in March and April 2020, output had risen for seven months in a row. Declining at the end of last year was mainly the production of capital goods, which fell by -3.1% month-on-month. Year-on-year, euro area output fell -0.8% in December (consensus -0.2%).
Exports from the 19 euro area countries fell by -9.2% year-on-year last year, according to Eurostat, the statistics office. At the same time, imports fell by -10.8% compared to the previous year. In the trade balance, the surplus increased to EUR 234.5bn in the eurozone in 2020 as a whole, from EUR 221.0bn in the previous year. The main trading partner with the EU in 2020 was China. Imports from the People's Republic rose by +5.6% last year, while exports from the EU to China increased by +2.2%. In contrast, foreign trade with the US declined significantly. Exports from the EU to the United States fell by -8.2% and imports from the US to the EU fell by -13.2%.
|11:00||GE||ZEW Investors Economic Sentiment (February)||61.8|
|11:00||EZ||GDP Q4 (q/q)||-0.7%|
|14:30||US||NY Fed Empire State Manufacturing Index (February)||+3.5|
Publisher: LGT Bank (Switzerland) Ltd., Glärnischstrasse 36, CH-8027 Zurich
Editor: Alessandro Fezzi, +41 44 250 78 59, E-Mail: firstname.lastname@example.org
Source: LGT Bank (Switzerland) Ltd.
Risk Disclosure (Disclaimer)
This publication is an advertising material / marketing communication. This publication is for your information only and is not intended as an offer, solicitation of an offer, or public advertisement to buy or sell any investment or other specific product. Its content has been prepared by our staff and is based on sources of information we consider to be reliable. However, we cannot provide any confirmation or guarantee as to its being correct, complete and up to date. The circumstances and principles to which the information contained in this publication relates may change at any time. Information that has been published should therefore not be understood as implying that no change has taken place since its publication or that it is still up to date. The information in this publication does not constitute an aid for decision-making in relation to financial, legal, tax-related or other consulting matters, nor should any investment decisions or other decisions be made on the basis of this information alone. It is recommended that advice be obtained from a qualified expert. Investors should be aware that the value of investments can fall as well as rise. Positive performance in the past is therefore no guarantee of positive performance in the future. Investments in foreign currencies are also subject to fluctuations in exchange rates. We disclaim all liability for any loss or damage of any kind, whether direct, indirect or consequential, which may be incurred through the use of this publication. This publication is not intended for persons subject to legislation that prohibits its distribution or makes its distribution contingent upon an approval. Any person coming into possession of this publication shall therefore be obliged to find out about any restrictions that may apply and to comply with them. In line with internal guidelines, persons responsible for compiling this report are free to buy hold and sell the securities referred to in this report.