What to watch
Today, investors are looking beyond COVID-19, hoping for a swift recovery in 2021, which should continue to fuel rotation into cyclicals, value stocks. There is a bunch of macroeconomic data both from the United States and the euro area all week, with a special focus on tomorrow’s German Ifo business climate index and the ECB and FOMC meeting minutes that might provide key insights regarding the evolution of monetary policy in the near future. The highlight of this week regarding COVID-19 and restrictions will be Macron’s speech tomorrow that should offer clarity on lockdown end. At the moment, it seems that France’s strategy will consist in reopening the economy in three phases, the first one starting from December 1 with the reopening of retail stores.
Key data releases & events
Tuesday: German GDP (QoQ, Q3), German Ifo business climate index (Nov.), Macron’s televised appearance to offer clarity on lockdown end.
Wednesday: US GDP (QoQ, Q3), US initial jobless claims, FOMC meeting minutes, Michigan consumer sentiment (Nov.).
Thursday: Thanksgiving day, ECB publishes account of monetary policy meeting, GfK German consumer climate (Dec.).
Friday: French GDP (QoQ, Q3), French consumer spending (Oct.).