Some economic news from Europe today:

Swiss:

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

GDP (YoY) (Q3) increased from -7.8% to -1.6%

procure.ch PMI (Nov) increased from 52.3 to 55.2

UK:

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

Spain:

Spanish Manufacturing PMI (Nov) decreased from 52.5 to 49.8

Italy:

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%

France:

French Manufacturing PMI (Nov) increased from 49.1 to 49.6

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

Germany:

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

Norway:

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%

US/AMERICAS:

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.