High Morale In U.S. Amid Rising Covid Cases, Consumer Sentiment Risen This Month

On Friday, on the macro-economic front in the United States, amid the rise in the coronavirus pandemic and the return of restrictive measures in many states, American morale was holding up at the beginning of December. As calculated by the University of Michigan, the preliminary U.S. consumer sentiment climbed to 81.4 in December from a market consensus of 76.5 and 76.9 in November.

Additionally, in line with the consensus of economists, the producer price index (PPI) increased by 0.1 percent in November compared to the previous month. This time, excluding food and oil, the US ‘PPI’ was up 0.1 percent compared to the previous month, while the consensus was 0.2 percent. Year-on-year, producer price inflation picked up to 1.4 percent from 1.1 percent, also below expectations of 1.5 percent.

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In Washington, speculation persists about the prospect of implementing a new support package, planned for the end of next week for the Covid-19 crisis prior to the end of the current parliament. Two projects of almost the same amount are now under discussion: the first, worth $908 billion, was tabled by the Democratic and Republican Senators’ bipartisan committee last week. Treasury Secretary Steven Mnuchin presented the second project worth $916 billion, on Tuesday.

Mr. Mnuchin and Nancy Pelosi, the House of Representatives Democratic leader, both announced “progress” in the negotiations, but on Thursday, Pelosi expressed suspicions that it was not out of the question that the talks would continue beyond Christmas. According to the U.S. media, the talks are being slowed down by the resistance of Republican Senate President Mitch McConnell, whose support is necessary for a new proposal to be voted on. McConnell allegedly set requirements, including requiring a support package to protect businesses from Covid-19-related litigation.

Market also remained observing the Brexit situation on Friday, which as British Prime Minister said is “not easy.”

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