Europe a bit stronger (or less weak)

Friday 24th November 2023

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Markets were relatively quiet overnight with the US off for Thanksgiving, but stronger PMI data from Europe created some interest, pushing the Euro higher, but NAB’s Ray Attrill still says German can expect to enter a shallow recession. The pound performed slightly better because it provided the only PMI number that actually indicated growth. The Riksbank surprised by keeping rates on hold and right-wing anti-EU candidate Geert Wilders won the most votes in the Dutch general election. Today US PMIs will provide a useful comparison to the European numbers, and one month out from the next BoJ meeting we’ll get to see Japan’s CPI numbers today.

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