NAB Morning Call Better European service numbers, but US more so
10 snips
Dec 16, 2024 Taylor Nugent, an economist at NAB Markets Research, shares insights on the latest economic trends. He highlights the surprising strength of service sector PMIs in the US, Europe, and the UK, contrasting them with declining manufacturing figures. Nugent discusses the implications of high wage growth in the UK on Bank of England policies and examines the resilience of the Australian dollar. He also analyzes the broader global economic landscape, touching on housing market influences in China and Japan, and anticipates upcoming data releases.
AI Snips
Chapters
Transcript
Episode notes
US Equities and Global PMIs
- US equities continue rising, showcasing exceptional performance.
- Global PMIs reveal service sector growth, but manufacturing PMIs are declining.
US Services PMI vs. Manufacturing PMI
- The US Services PMI reached a three-year high, indicating strong growth.
- Despite this, the manufacturing PMI fell, and the Empire Manufacturing Index slid significantly.
UK Economic Outlook
- The UK services PMI improved slightly, but manufacturing reached its lowest point since February.
- The composite PMI suggests slow growth for the UK in Q4.