Archives of “November 2020” month

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China November PMIs: Manufacturing 52.1 (expected 51.5) & Non-manufacturing 56.4 (expected 56.0)

  
Analysis, Economy
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These are the official China PMIs for the month, from the country’s National Bureau of Statistics.

Manufacturing 52.1 big beat and at its highest since September 2017

  • expected 51.5, prior 51.4

Non-manufacturing 56.4 also for a beat, expanded for the ninth straight month, best since June 2012

  • expected 56.0, prior 56.2

Composite 55.7

  • prior 55.3
Via Citi:
  • overall production should carry on the momentum
  • export orders were most likely still robust ahead of Western holiday seasons, and domestic demand may continue to hold up
(Citi comments from a pre-releases note)

Heads up for oil traders – OPEC + meeting Monday, output cut extension on the agenda

  
Analysis, Crude

The OPEC+ oil cartel will meet on Monday 30 November 2020 after a weekend ministerial meeting revealed a split on the production level question for 2021.

Will the producers’ group will extend large output cuts?
  • The current plan is to raise output by 2 million barrels /day in January but the expectation amongst analysts is that will be put on hold due to the demand decline prompted by renewed movement restrictions in the face of new &/or sustained increases in virus cases.
  • An initial round of talks was held on Sunday, but no agreement was reached.
ANZ:
  • “Signs of disunity in OPEC raised the prospect of the group not agreeing to an extension of current production cuts”
  • “Some members, including UAE and Iraq, have expressed misgivings about ” supply policy.
The OPEC+ oil cartel will meet on Monday 30 November 2020 after a weekend ministerial meeting revealed a split on the production level question for 2021.

Japan Industrial Production for October (preliminary): +3.8% m/m (expected 2.2%)

  
  Analysis

Japan Industrial Production for October was expected to grown, but at a slowing pace from September.

+3.8 % m/m for a better than expected
  • expected 2.2% m/m, prior 3.9%
-8.2 % y/y
  • expected -4.6% y/y, prior -9.0%
As for outlooks from the Ministry (METI, the Ministry of Economy, Trade and Industry)
  • November output seen +2.7% m/m
  • December seen at -2.4% for industrial output

A Guggenheim fund may invest up to 10% of assets in bitcoin

  
Analysis, BITCOIN

Via Bloomberg comes this piece on the Guggenheim Macro Opportunities Fund:

  • “The Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust”
Bloomberg citing a filing Friday to the US Securities and Exchange Commission.
That Grayscale Bitcoin Trust shares are solely invested in Bitcoin. “Except for its investment in GBTC, the Fund will not invest, directly or indirectly, in cryptocurrencies,”
BTC update:
Via Bloomberg comes this piece on the Guggenheim Macro Opportunities Fund: 
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