Mixed Numbers So Far This Morning
The economic data from around the globe has been sort of a mixed bag this morning, although in my opinion, it leans slightly on the positive side. If you see the economic calendar, you´ll see four red and four green data releases this morning, but the green numbers are a bit more important than the red ones. That´s why I think that the numbers lean on the positive side.
Let´s see, Britain opened up shop in the early hours of the morning with a negative UK consumer confidence number, which was followed by another red number, the Japanese industrial production. Although it wasn´t negative, which means that production still grew in October, it missed the expectations so we can place it in the ranks of the evil army (negative data).
At some point, it seemed like it would be a dark and rainy day when the Australian building approvals data showed a 12.6% decline in October. But then, the private sector credit showed an improvement, which balances the decline in building approvals, so we´re square in Australia.
The Japanese housing starts numbers followed in the footsteps of the Aussie credit sector as it increased by 13.7% this year, which squares off Japan as well. In Europe, the higher consumption indicator makes up for the miss in the Swiss economic barometer.
Further on the positive side, the French preliminary inflation (CPI) beat the expectations, although it remained flat, while the German retail sales jumped 2-4% higher this month, which is a great number and coming from a 1.5 decline in the previous month, makes it even better. So guys, this is the data so far. But the heavy artillery is yet to come with OPEC meeting, the US ADP numbers, and of course, Draghi himself, so buckle up.
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