There was little change to the overall market background during the month. Attention remained dominated by the risk of new waves of the virus, and the pace with which vaccines are being administered in major regions.
Economic indicators have been generally positive recently, although the implementation of various lockdown restrictions nationwide are
clouding the outlook.
The November CPI print showed that monthly trimmed mean inflation decelerated from 3.5% to 3.2%. While services and housing inflation continued the downward trend, electricity prices surprised to the upside after various subsidies came off.
Manufacturing PMI in November increased to roughly 50, hovering near the breakpoint between expansion and contraction.
