• Covid-19 vaccine rollout a positive amid the second wave of infections and slowing economic momentum globally
• Major central banks maintain policy rates and pace of asset purchase program
  
• The energy index rose significantly in December, driven by higher crude oil prices
  

The global economy seems to be marking time during an entracte, with the pandemic dominating Act 1 and the vaccine rollout hastening Act 2. Even as the vaccines hold out hope, major advanced economies in Europe, parts of East Asia and the United States (US) are grappling with continuing lockdowns extending past the New Year in an effort to restrict the second wave of Covid-19 infections. Major central banks are reprising their role, set to maintain their easy monetary policy stance in 2021 in the face on an uncertain economic outlook.

The toll of the latest round of lockdowns, which began in November, is evident in lower output numbers in the United Kingdom (UK), and job declines in the US.