Macro-News round-up:


·         In November, the UK housing market showed signs of strength with Nationwide’s house price index rising unexpectedly, suggesting that the downturn may have abated.

·         India’s economy is expected to grow faster than previously estimated in Q2, due to increased industrial activity, services, government consumption, and business investment. This puts India on track to achieve at least 7% growth for the full calendar year.

·         Factory activity in Asia weakened in November, with China’s private PMI unexpectedly expanding, but official surveys showing contractions in manufacturers’ and non-manufacturers’ activity. Export-reliant countries like Japan, South Korea, and Taiwan experienced slow growth due to sluggish global demand.

·         China’s new home prices continued to rise for the third month in a row in November, but only 38 out of 100 cities surveyed reported increases. Government support measures for the property sector seem to be helping, but stronger stimulus measures may be needed to stabilize the crisis-hit sector.

·         Japan’s core consumer price index is predicted to slow to 2.5% in November, according to a Reuters poll. Meanwhile, South Korea’s chip exports rose in November, indicating a potential recovery in the sector.

·         In the US, PCE inflation rate fell to 3.0% YoY in November, while real consumer spending was slightly stronger than expected. Jerome Powell is scheduled to speak in Atlanta today, with the market watching closely for hints about the timing of rate cuts.


We anticipate that this will be a highly orchestrated performance, according to the pre-Waller script of caution on additional hikes, but without any sign of softening. The dollar has recovered its value after the robust US GDP growth statistics, and the EURUSD fell back to 1.0894. The yields on the 10 year and 2 year bonds went up a little.


The US Manufacturing ISM index is the main focus of today’s report, which serves as a reminder that next week is payroll week. Data on US construction spending for October are also made public.


The gap between the NASDAQ 100 and SP 500 shrunk. Energy equities helped the S&P 500 gain 0.38% for the day as OPEC+ decided to reduce production by an extra 1 million barrels per day, while the NASDAQ dropped 0.23%.

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