Weekly Fundamental Bulletin: Busy Start To The Week

pmi gdp

Last week’s highlights

US durable goods orders rise by 1.3% in October

The monthly durable goods orders report measuring the new orders for manufactured goods surged more than expected.

Data from the Commerce Department showed that durable goods orders rose by 1.3% in October. This comes on the back of a 2.1% increase in September.

October’s data also beat the general forecasts of a 0.9% increase. Excluding the transportation orders, durable goods orders also rose by 1.3% on the month.

Forecasts were for a 0.4% increase excluding transportation. Orders for non-defense capital goods and excluding aircraft rose by 0.7% during the month.

US third-quarter GDP co4nfirmed at 31.4%

The second revised GDP estimates for the United States did not show any major changes.

As per the initial estimates, data from the Commerce Department confirmed a 31.4% increase on an annual basis. This was for the three months ending September.

The second revised estimates showed a modest upside revision to nonresidential fixed investments.

A decline in state and local government spending was offset by an increase in exports. The data did not make much of an impact on the markets.

Eurozone economic confidence weakens

The latest measure of economic confidence in the Eurozone showed a slowing. This comes as most parts of Europe are dealing with new lockdown measures due to the second wave of the pandemic.

As a result, the Eurozone economic confidence fell to a four-month low in November. The index fell to 87.6 in November, compared to 91.1 in the previous month.

However, the declines were better than the forecasts of a drop to 86.5. Even the industrial sentiment index fell, from -9.2 to -10.1. The services sector confidence fell to -17.3 as businesses expect demand to continue falling.

ECB releases monetary policy meeting minutes

The European central bank released its monetary policy meeting minutes last week.

According to the report, policymakers saw continued risks to the downside. The minutes came from the ECB monetary policy meeting held in late October.

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