US: Manufacturing PMI (Nov.): 49.4 as expected (prior: 50)
- Final data remained close to expectations, pointing to more moderate activity than past month; sentiment has decreased on new orders, mainly on domestic orders while exports were slightly better oriented.
- Views on employment have decreased while pressures on prices have eased.
US: Construction spending (Oct.): 0.6% m/m vs 0.3% expected (prior: 0.2% revised from 0.4%)
- Residential construction has rebounded by 1.2% m/m (-0.2% m/m the prior month) and non-residential construction was just up by 0.1% m/m (0.5% m/m prior month).
US: ISM Manufacturing (Nov.): 46.7 vs 47.9 expected (prior: 46.7)
- Business sentiment remained stable from the prior month, but details offered a mixed picture.
- On the positive, new orders have strongly rebounded (index from 45.5 to 48.3) and the index settled on a six-month high level. Sentiment on inventories has also normalized.
- On the negative, sentiment on production has fallen (from 50.4 to 48.5), as well as new exports and employment.
- Prices paid have strongly rebounded as the index has regained from 45.1 to 49.9.
Eurozone: PMI Manufacturing (Nov.): 44.2 vs 43.8 expected (prior: 43.1)
- Final data were slightly better than expected and have shown a modest gain from the prior month.
- The index has improved from the prior month for Germany and Spain and slightly for France; it has decreased in Italy.
- New orders were generally better than in the first estimates and have shown modest gain from the prior month, but index remained well below the 50 level.
- Employment remained negative; the decrease in cost has fueled some discount in selling prices.
UK: PMI Manufacturing (Nov.): 47.2 vs 46.7 expected (prior: 44.8)
- Business confidence has finally regained more than expected, showing a bottoming out in many components.
- Index remained well below 50, but opinions on production and new orders have regained from the prior month.
- Employment has decreased further; despite falling costs, selling prices have slightly increased.
UK: Nationwide house prices (Nov.): 0.2% m/m vs -0.4% expected (prior: 0.9%)
- Demand remained positive for housing despite high and volatile interest rates.
- Prices were down by 2.2% y/y after -3.3% y/y the prior month.
Italy: GDP (Q3-23): 0.1% q/q vs 0% expected (prior: -0.4%)
- Q3 GDP growth was slightly revised up from first estimates.
- Consumption was up by 0.7% q/q and exports up by 0.6% q/q, while other sectors were negative.
Poland: PMI Manufacturing (Nov.): 48.7 vs 45.5 expected (prior: 44.5)
- Business sentiment has rebounded, driven by higher new orders over the month.
Norway: PMI (Nov.): 49.9 (prior: 47.9)
- Improving business sentiment and index back close to 50.
Norway: Unemployment rate (Nov.): 1.8% vs 1.9% expected (prior: 1.8%)
- Unemployed has slightly increased over the month but the ratio remained unchanged.
Sweden: PMI Manufacturing (Nov.): 49 (prior: 46.2 revised from 45.7)
- A strong rebound from the prior month; all major components were strongly up over the month.
Switzerland: PMI Manufacturing (Nov.): 42.1 vs 42 expected (prior: 40.6)
- Business opinions have regained from depressed levels; sentiment has strongly rebounded on production and was less depressed on orders. Views on employment have decreased over the month.
Switzerland: GDP (Q3-23): 0.1% q/q vs 0% expected (prior: -0.1% revised from 0%)
- Q3 GDP was firmer than expected but Q2 data were slightly revised down to negative figures.
- Consumption was up by 0.2%q after 0.4%q in Q2 and construction also up by 0.2% q; public consumption was up by 0.5% q while investment was down by 1.1%.
- Net trade contribution was more positive thanks to falling imports.
- Outlook remained moderately positive and a 0.7% GDP growth for 2023 and 1.2% for 2024 is expected.
Brazil: Industrial production (Oct.): 0.1% m/m vs 0.4% expected (prior: 0% revised from 0.1%)
- Production was up over the month in intermediate goods but has decreased in capital and consumer goods.
Brazil: PMI Manufacturing (Nov.): 49.4 (prior: 48.6)
- Business sentiment has rebounded, and the index was back just below 50; sentiment on employment and new orders has increased.
Turkey: PMI Manufacturing (Nov.): 47.2 (prior: 48.4)
- Business confidence has declined on falling new orders.