Daily update
Daily update
- There is another wave of noise from sentiment polls (today it is the turn of service sector sentiment). French September manufacturing and industrial production data are due (manufacturing sentiment has pointed to a dramatic collapse in production since January 2023. French manufacturing output has risen over the same period).
- The UK BRC shop sales data grew less than expected in October. There are suggestions consumers were wary ahead of the budget—but that would suppose consumers care about what politicians say. Rising energy costs are a more visible constrain on consumer spending power. The figures are nominal, so persistent durable goods price deflation will have dragged down the data.
- China’s policymakers are contemplating refinancing local government debt. This is not a direct benefit to China’s consumers, but it is a signal that large scale fiscal support is being actively considered.
- The US first election results are in. The town of Dixville Notch, New Hampshire cast three votes for US Vice President Harris, and three voted for former US President Trump. The Republican candidate for governor got five votes to the Democrat candidates’ one vote. This means very little of course, but most US political commentary ahead of the other results will mean even less.
