UK: Services PMI (Nov.): 48.8 as expected (prior: 48.8)
- Final data confirmed sentiment remained depressed, below the 50 level. Demand remained weak due to high inflation and uncertainty on outlook.
- Costs remained on the rise; employment remained slightly positive as some firms continue to look for skilled labor force, but some other firms have not replaced leavers or have frozen hirings.
US: Services PMI (Nov.): 46.2 vs 46.1 expected (prior: 47.8)
- Sentiment has finally declined from the prior month and was close to first estimates.
- Sentiment has weakened on new demand and exports; costs remained on the rise; employment was marginally positive over the month.
US: ISM Non-manufacturing (Nov.): 56.5 vs 53.5 expected (prior: 54.4)
- Contrary to the consensus, the sentiment index has rebounded over the month and was back to its Sept. levels.
- In details, there was some improvement in activity and employment while inventories were on the rise. Only new exports orders have dramatically declined over the month.
- New orders and backlog of orders have slightly decreased over the month while prices paid remained stable.
- It seems that some segments of activity were better oriented than expected but medium-term view remained cautious.
US: Factory orders (Oct.): 1% m/m vs 0.7% expected (prior: 0.3% revised from 0.3%)
- Orders have rebounded over the month; orders for capital goods non defense ex aircraft were up by 0.6% m/m after -0.7% m/m the prior month.
- Shipments were up by 0.7% m/m after 0.3% m/m the prior month and inventories up by 0.5% m/m after 0.1% m/m.
Eurozone: PMI Services (Nov.): 48.5 vs 48.6 expected (prior: 48.6)
- Business sentiment has finally marginally declined from the prior month, but situation has diverged across countries.
- Sentiment has decreased more than initially estimated in France and Germany, while it has slightly increased in Spain and Italy over the month; in these two countries demand is expected to improve later in the year.
- Costs and prices remained on the rise, but at a slower pace; employment was also on the rise, but at more moderate pace than in past months.
Eurozone: Retail sales (Oct.): -1.8% m/m vs -1.7% expected (prior: 0.8% revised from 0.4%)
- Sales were depressed and have reverted after some rebound the prior month. All sectors except motor oil were depressed over the month.
Turkey: CPI (Nov.): 2.88% m/m vs 3% expected (prior: 3.54%)
- Monthly rises remained sustained particularly in food, transport-energy and furniture, even if the pace was slower than the prior month.
- Thanks to base effects, yearly trend has declined from 70.45% y/y the prior month to 68.91% y/y.