What happened this past week?
Positives
- Thailand’s auto sales increase 200+% in October
- Thailand’s exports improve 14% in October
- Greece escapes and is given more time to figure itself out
- Spanish and Italian bond yields fall to new lows
- Japan’s IP in Oct unexpectedly jumps by 1.8% helped out by smartphone component production. Also, further yen weakness leads to highest Nikkei close since late April.
Negatives
- German retail sales in Oct fall 2.8% m/o/m vs est of down .4%.
- Euro zone unemployment rate ticks up to new high at 11.7%.
- German and Italian consumer confidence fall.
- Japan’s PMI 46.5 v 46.9 in Oct, below 50 for 6th straight month.
- Hong Kong exports in Oct unexpectedly fall and imports grow less than expected.