Morning View

This week, the US will release November inflation figures, while the ECB will hold its monetary policy meeting.

International

The week's focus in the United States will be on the November inflation data, with an expected year-on-year increase of +2.7% and +3.3% in the measurement that excludes food and fuel. On the other hand, the European Central Bank (ECB) will make its last monetary policy decision of the year, and is expected to cut its interest rate to 3.15%, while publishing its quarterly macroeconomic outlook update. In Latin America, November inflation will be released in Brazil and Mexico, with year-on-year increases of +4.8% and +4.6%, respectively; while the Central Bank of Brazil will also decide on the interest rate path, with a projected increase to 12% from the current 11.25%.

In the United States, 227 thousand new jobs were created in November, above the 220 thousand estimated by the analysts' consensus and the revised figure of 36 thousand in October. Meanwhile, the unemployment rate stood at 4.2%, slightly higher than the 4.1% expected. 

The main U.S. stock indexes rose for the most part during Friday's trading, with the exception of the Dow Jones, which fell -0.3%. Thus, the Nasdaq advanced +0.8% and the S&P 500 +0.2%, closing the week at new all-time highs. On the other hand, the US Treasury bond yield curve compressed across all maturities, with the 1-year bond ending at 4.17% from the previous 4.23%, the 3-year bond at 4.06%, and the 10-year at 4.15%.

In Latin America, Chile's inflation for November showed a deceleration, registering +0.2% monthly and +4.2% y-o-y, versus analysts' consensus estimates of +0.3% and +4.2% in each case. As a result, the exchange rate closed the day with an increase of +0.5%.

Fuente: PUENTE Hnos, Bloomberg

U.S. equity indices traded negative, with the Dow Jones index down -0.6%

International

The main US stock indexes ended yesterday's trading session with a downward trend. The Dow Jones led the declines with -0.6%, followed by the S&P 500 and the Nasdaq with -0.2% in each case. Despite this, it is important to note that the indices accumulated increases of +18.8%, +27.4% and +31.2%, respectively, during the year.

During the day, in the United States, the evolution of the November labor market will be known, with a projected unemployment rate of 4.1% and the creation of 220 thousand new jobs. In this sense, last week's new claims for unemployment benefits amounted to 224 thousand, exceeding the previous figure and the analysts' consensus (215 thousand).

On the other hand, the yield curve of US Treasury bonds showed increases in most maturities at yesterday's close. Thus, the 1-year bond closed at 4.23%, the 3-year bond at 4.10%, and the 10-year bond at 4.18%.

In the Eurozone, October retail sales -a proxy indicator of activity- declined -0.5% month-on-month and advanced +1.9% year-on-year, versus projections of -0.4% and +1.7%, respectively. In this environment, the EuroStoxx equity index advanced +0.7% on a daily basis.

Fuente: PUENTE Hnos, Bloomberg