November 2020 in Figures

November 30, 2020

November was a momentous month both within financial markets and surrounding news. in the price of gold was only slight. Donald Trump became only the sixth incumbent president since 1900 to lose his bid for reelection. More rare, his political party picked up seats in the U.S. House of Representatives and stands a decent chance to retain control of the upper chamber. Rarer still, President Trump is the first incumbent loser in the republic’s whole existence not to concede defeat and to obstruct the transition process. The other big story in November concerned the Covid-19 pandemic, which intensified substantially in real time during the month but which also yielded great steps forward in the development of vaccines, which may become initially available before the end of this coming month.

In financial market developments, November saw a stark contrast between the scant change in interest rates across the maturity spectrum and the sweeping changes in equity values, the dollar, and price of oil.

  • The three broad U.S. stock market indices featured in the table below rose roughly 11-12%. Share prices in Japan and Germany climbed appreciably faster, while those in Canada, Switzerland, and Great Britain experienced gains comparable to those in the United States.
  • The dollar sank by 4-6% against the New Zealand and Australian dollars, 3.2% against the Chinese yuan, and 2-3% versus the euro, sterling, and Canadian dollar. Other safe havens like the yen and Swiss franc were also depressed by the vaccine news in November, and the dollar slipped less than 1.0% versus these.
  • A larger-than-25% spike in the price of oil was among the month’s most dramatic financial market developments. Gold, which touched a record high of $2,075 per ounce on August 7, settled back 5.4% further in November to close over 14.0% below that peak.
10-Yr Yield 11/30/20 10/30/20 Change in Nov
U.S. 0.84% 0.87% -3 Basis Points
Germany -0.57% -0.63% -6
Japan 0.02% 0.03% -1
U.K. 0.30% 0.26% +4
Canada 0.67% 0.66% +1
Switzerland -0.57% -0.58% -1
CB Policy Rate 11/30/20 10/30/20 Change in Nov
Fed funds target 0.00/0.25% 0 Basis Pts 0 Basis Pts
ECB deposit rate -0.50% 0 0
BOJ policy rate -0.10% 0 0
BOE Bank Rate 0.10% 0 0
Swiss 3M Libor -1.25/-0.25% 0 0
FX 11/30/20 10/30/20  % Chg in $
EUR/USD 1.1929 1.1644 -2.4%
USD/JPY 104.31 104.70 -0.7%
USD/CHF 0.9084 0.9171 -0.4%
GBP/USD 1.3330 1.2953 -2.8%
AUD/USD 0.7346 0.7029 -4.3%
NZD/USD 0.7016 0.6613 -5.7%
USD/CAD 1.3006 1.3324 -2.4%
USD/CNY 6.5789 6.6912 -3.2%
Equities 11/30/20 10/30/20 Change in Nov
S&P 500 3622 3270 +10.8%
Nasdaq 12199 10912 +11.8%
Djia 29639 26502 +11.8%
Dax 13291 11556 +15.0%
Nikkei 26434 22977 +15.0%
Ftse 6266 5577 +12.4%
Canada TSE 17190 15581 +10.3%
Swiss SMI 10476 9587 +9.3%
Commodities 11/30/20 10/30/20 Change in Nov
Oil, $ per barrel 45.34 35.79 +26.7%
Gold, $ per ounce 1775.70 1877.40 -5.4%

Copyright Larry Greenberg 2020.  All rights reserved.  No secondary distribution without express permission.

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