German factory orders decreased less than expected in October, falling 1.5% m/m after rising 7.2% in September. Excluding major orders, which often distort the overall picture, core new orders rose 0.1%, after rising 2.7% a month…
The Federal Reserve’s Beige Book shows a modestly growing economy imbued with post-election optimism, while highlighting some caution about employment. The latest Beige Book is in line with other sentiment indicators…
The November Caixin services PMI ticked down to 51.5, which along with a rising manufacturing PMI pushed the composite up to 52.3 from 51.9. Components such as new orders and employment also ticked down, and output prices fell to…
The November ISM Services PMI missed expectations, declining to 52.1 from 56 in October. All subcomponents declined, with new orders falling from 57.4 to 53.7. Employment also weakened but remains in expansion, while price…
Our European Investment Strategy and GeoMacro Strategy teams published a joint report, digging into the structural challenges behind Europe’s economic underperformance, while pointing out to potential turnaround…
Investors have given up on European assets, which now suffer exceptional discounts to US ones. However, tighter US fiscal policy, the end of Europe’s austerity and deleveraging, the LNG Tsunami about to hit European shores, and the…
The November ISM Manufacturing index beat expectations, increasing to 48.4 from 46.5 in October. The improvement was partly driven by the new orders component, which increased to 50.4 from 47.1. Price pressures moderated.…
China’s November PMIs were mixed, and reflected very low growth. The official composite PMI was unchanged at 50.8, driven by a small uptick in manufacturing to 50.3 and a small downtick of services to 50. The Caixin…
The November Tokyo CPI beat expectations, with headline inflation accelerating to 2.6% y/y from 1.8%. The core (ex. fresh food) and “core core” (ex. fresh food and energy) measures also reaccelerated to 2.2% and 1.9…