Macro-News round-up:

#MarketNews

  • Europe in recession: PMI indicators released on Tuesday show economic contraction in all euro zone countries except the UK, with both manufacturing and services data showing ratios below 50.
  • In Germany, Factory orders decreased -3.70% in October of 2023 over the previous month, below expectations, a rise of 0.2%.
  • U.K: The construction PMI surveys published by the CIPS in the UK came in below expectations, indicating contraction in the sector, at 45.5 versus 46.3 expected, which was already negative.
  • US continues to lose strength in employment: the Bureau of Labor Statistics JOLTs surveys, released yesterday, show a decrease in job openings below expected numbers, 567 000 fewer jobs available than expected.
  • Today we will have the US ADP employment report, which usually anticipates the trend of the 2 days ahead, the NFP nonfarm payrolls.  A data that usually brings a lot of volatility to the market.
  • China: On Tuesday, Moody’s Investors Service downgraded its assessment of Chinese government bonds to negative. Stagnant growth and an apparently unending real estate crisis were mentioned by Moody’s as potential obstacles to Beijing’s ability to pay back its debts.
  • Property crisis has left two massive real-estate developers – Evergrande and Country Garden – on the brink of collapse after they failed to make bond repayments.
  • The Chinese yuan traded flat against the dollar Tuesday. It’s fallen by over 3% against the greenback this year.
  • Commodities: The oil reserves in the disputed Essequibo region, which Venezuelans voted to annex, are to be immediately explored and exploited, according to an order issued by President Nicolas Maduro of Venezuela.

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