Erste Bank Research Team
Erste Bank
November PMI data – weak as expected
The November industry PMI data that was released this week was, as expected, weak. For Germany, the average for 4Q declined further and is now pointing towards stagnating industrial production. In France, the poll data is currently slightly above the averages from 3Q; however, the values are still below the growth threshold level of 50 and thus point towards a further decline in industrial production. For the entire Eurozone, the data has weakened further and currently indicates stagnation or a slight decline of industrial production in 4Q. The rather gloomy outlook for industrial production points towards general weakness of the Eurozone economy in 4Q. Next week’s (November 27) flash data for the European business climate will be published and will deliver further insights regarding the state of the Eurozone economy. In October, the index rose slightly.
Industry PMIs continue to slide in 4Q
The picture remains mixed globally. The November Industry PMI data for China indicates, just as for the Eurozone, stagnation of industrial production. In contrast, the industry poll data from the US has recently risen further and points towards ongoing dynamic development of industrial production.
This document is intended as an additional information source, aimed towards our customers. It is based on the best resources available to the authors at press time. The information and data sources utilised are deemed reliable, however, Erste Bank Sparkassen (CR) and affiliates do not take any responsibility for accuracy nor completeness of the information contained herein. This document is neither an offer nor an invitation to buy or sell any securities.
Recommended Content
Editors’ Picks
AUD/USD post moderate gains on solid US data, weak Aussie PMI
The Australian Dollar registered solid gains of 0.65% against the US Dollar on Thursday, courtesy of an upbeat market mood amid solid economic data from the United States. However, the Federal Reserve’s latest monetary policy decision is still weighing on the Greenback. The AUD/USD trades at 0.6567.
USD/JPY: Japanese Yen advances to nearly three-week high against USD ahead of US NFP
The Japanese Yen continues to draw support from speculated government intervention. The post-FOMC USD selling turns out to be another factor weighing on the USD/JPY pair. Investors now look forward to the crucial US NFP report for a fresh directional impetus.
Gold recoils on hawkish Fed moves, unfazed by dropping yields and softer US Dollar
Gold price clings to the $2,300 figure in the mid-North American session on Thursday amid an upbeat market sentiment, falling US Treasury yields, and a softer US Dollar. Traders are still digesting Wednesday’s Federal Reserve decision to hold rates unchanged.
Solana price pumps 7% as SOL-based POPCAT hits new ATH
Solana price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.
NFP: The ultimate litmus test for doves vs. hawks
US Nonfarm Payrolls will undoubtedly be the focal point of upcoming data releases. The estimated figure stands at 241k, notably lower than the robust 303k reported in the previous release and below all other readings recorded this year.