Market Talk - Tuesday, Dec. 1

Some economic news from Europe today:


GDP (QoQ) (Q3) increased from -7.0% to 7.2%

GDP (YoY) (Q3) increased from -7.8% to -1.6% PMI (Nov) increased from 52.3 to 55.2


Nationwide HPI (YoY) (Nov) increased from 5.8% to 6.5%

Nationwide HPI (MoM) (Nov) increased from 0.8% to 0.9%

Manufacturing PMI (Nov) remain the same at 55.6


Spanish Manufacturing PMI (Nov) decreased from 52.5 to 49.8


Italian Manufacturing PMI (Nov) decreased from 53.8 to 51.5

Italian GDP (QoQ) (Q3) increased from -12.8% to 15.9%

Italian GDP (YoY) (Q3) increased from -18.0% to -5.0%


French Manufacturing PMI (Nov) increased from 49.1 to 49.6

French Car Registration (YoY) decreased from -9.5% to -27.0%


German Manufacturing PMI (Nov) decreased from 57.9 to 57.8

German Unemployment Change (Nov) decreased from -38K to -39K

German Unemployment Rate (Nov) decreased from 6.2% to 6.1%

German Unemployment (Nov) decreased from 2.856M to 2.817M

German Unemployment n.s.a. (Nov) decreased from 2.760M to 2.699M


Manufacturing PMI (Nov) decreased from 53.4 to 51.9

Euro Zone:

Manufacturing PMI (Nov) increased from 53.6 to 53.8

Core CPI (MoM) decreased from 0.2% to -0.3%

Core CPI (YoY) remain the same at 0.2%

CPI (MoM) decreased from 0.2% to -0.3%

CPI (YoY) (Nov) remain the same at -0.3%

CPI, n.s.a (Nov) decreased from 105.16 to 104.81

HICP ex Energy & Food (YoY) (Nov) remain the same at 0.4%

HICP ex Energy and Food (MoM) decreased from 0.1% to -0.4%


The Internal Revenue Service (IRS) acknowledged that they sent $34 million worth of stimulus checks to people with a foreign address. The IRS previously acknowledged that an error caused deceased Americans to receive $1,200 stimulus checks. The US Treasury stated that they are “continuing to assess the accuracy of the economic impact payments … and the recovery efforts for any erroneous payments.” In the meantime, they are hoping that those who received stimulus checks in error will voluntarily return the money.

A group of Democratic and Republican lawmakers proposed a new coronavirus stimulus package this Tuesday after a stalemate that has lasted for months. The proposed $908 billion package will not include direct stimulus checks to Americans. However, the proposal will allocate $288 billion in PPP and small business aid, $160 billion in state and local government aid, $16 billion in vaccination practices, and $82 billion in education aid, rental assistance, broadband, and child care. Update: Senate Majority Leader Mitch McConnell rejected the proposed plan.

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