U.S. Economy Growing Dynamically, Europe Still To Struggle More

In November, activity in the United States remained more dynamic, although restrictions increased towards the end of the month, especially in New York, Chicago and California. From 55.6 market consensus and 56.3 in October, Markit’s Flash PMI composite index rose to 57.9. Compared to the consensus 53.1 and 53.4 for the October final reading, the manufacturing indicator was 56.7. The index of services rose from a consensus of 55.8 and 56.9 a month earlier to 57.7.

In the U.S., where the symbolic threshold of 12 million cases was reached on Monday, the pandemic continues to rise, with nearly 200,000 new infections in 24 hours with the death toll reached to 257,000.

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On the macro-economic front, the current lockdown policies of the different EU countries are threatening to put the Euro region back into recession in the fourth quarter, despite less severe lockdowns than last spring. The IHS Markit Composite Flash Composite Activity Index, fell to 45.1 in November from 50 in November, the lowest since May. The service sector was the most seriously impacted by the latest containment measures (Flash PMI of 41.3 compared to 46.9 in October). The index of manufacturing suffered less, slipping from 58.4 in October to 55.5.

Stock price of The Boeing Company (BA) grew 5.97 percent on Monday. Alaska Airlines has announced its intention to buy 13 737-MAX series aircraft for commercial leasing after an operational ban that was lifted last week by regulators. It is fair to expect that there will be an increase in the number of orders for that aircraft series in the coming months, which could in turn contribute to a further increase in Boeing shares.

Newmont Corporation (NEM) was among the stocks which faced losses in the Monday session. The gold mining firm stands out with its share price down 4.82 percent. This was reinforced by a variety of factors including optimistic market expectations for the timing of the end of the Covid crisis and recent increased investor exposure to the problem of carbon emissions arising from the activities of gold mining companies.

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