US: ADP Employment change (Nov.): 534k vs 525k expected (prior: 570k revised from 571k)
- Jobs creations remained sustained in both manufacturing and service sectors.
- Within services, creations were driven by leisure-hospitality, business services and trade-retail sectors.
- This bodes well for the next payrolls to be published by next Friday (548 k expected).
US: Markit Manufacturing PMI (Nov.): 58.3 vs 59.1 expected (prior: 58.4)
- Confidence has marginally declined contrary to expectations; despite modest improvement in production and new orders, disruption and bottlenecks continued to weigh down on sentiment; as a result new export orders have marginally increased, while prices remained on the rise, but ability to pass through higher prices has eased from the prior month.
US: Construction spending (Oct.): 0.2% m/m vs 0.4% expected (prior: -0.1% revised from -0.5%)
- Residential construction was down by 0.5% m/m after -0.3% m/m the prior month, while non-residential construction was up by 0.9% m/m after flat prior month.
US: ISM Manufacturing (Nov.): 61.1 vs 61.2 expected (prior: 60.8)
- Sentiment remained resilient and has slightly increased from the prior month.
- Opinions have improved on production, new orders and employment; on the opposite, pressures have eased on prices, supply delivery but new export orders have moderated (probably reflecting modest Chinese demand).
- Large firms (in the ISM index) seemed to have benefited from still resilient and more positive environment while small and domestic firms (more represented in the PMI index) were still facing constraints; but level of activity in both cases remained positive.
UK: Nationwide house prices (Nov.): 0.9% m/m vs 0.4% expected (prior: 0.7%)
- Prices remained on a sustained trend; prices were up by 10% y/y after 9.9% y/y the prior month.
UK: PMI Manufacturing (Nov.): 58.1 vs 58.2 expected (prior: 57.8)
- Sentiment has improved from the prior month; opinions were more positive on production, due to rising domestic demand and the rebuilt of inventories; views have improved on orders, employment but prices remained on the rise.
- Opinions on exports have declined due to constraints related to Brexit and slower Chinese demand.
Switzerland: CPI (Nov.): 0% m/m vs -0.1% expected (prior: 0.3%)
- Prices were up for clothes, energy and transport, but declined over the month on food, restaurants and globally services.
- Core inflation was up by 0.1% m/m after 0.3% m/m the prior month.
- Yearly trend has accelerated from 1.2% y/y prior month to 1.5% y/y, and core inflation from 0.9% y/y to 1.1% y/y.
Switzerland: PMI Manufacturing (Nov.): 62.5 vs 64.2 expected (prior: 65.4)
- Sentiment has declined but remained close to the highs seen in 2017-2018.
- Opinions have decreased on production, orders, employment and also on prices, while inventories were in a rebuilding process.
Sweden: PMI Manufacturing (Nov.): 63.3 vs 63 expected (prior: 64.2 revised from 64.4)
- Business sentiment has decreased from the prior month; while views have increased on domestic orders, they declined for exports, total orders and also on prices.
Norway: PMI (Nov.): 63.7 vs 58 expected (prior: 58.8 revised from 58.5)
- A strong rebound in production has driven the index higher over the month.
Eurozone: PMI Manufacturing (Nov.): 58.4 vs 58.6 expected (prior: 58.3)
- Final data has pointed towards quite stable sentiment from the prior month, but this has masked wider disparities across countries.
- Sentiment has strongly rebounded in Italy, and increased in France, while it has marginally eased in Germany and declined in Spain.
- Opinions have increased on production, employment and prices, but decreased on new orders, related to disruption in different sectors.
Germany: Retail sales (Oct.): -0.3% m/m vs 0.9% expected (prior: -1.9% revised from -2.5%)
- Sales were more depressed than expected over the month, despite a strong rebound in purchases of clothes and pharma products.
- Renewed restrictions and fears about virus could weigh down on both confidence and purchases in Q4-21.
Poland: PMI Manufacturing (Nov.): 54.4 vs 53.9 expected (prior: 53.8)
- New orders have increased over the month.
Brazil: PMI Manufacturing (Nov.): 49.8 (prior: 51.7)
- A decline below 50 due to weakening new orders.
Turkey: PMI Manufacturing (Nov.): 52 (prior: 51.7)
- Business sentiment has increased from the prior month, but sentiment on new orders has weakened while disruption in industry remained active.