Production in Iran is tumbling as sanctions begin to bite OPEC+ only able to partly compensate for lower Iranian production…
Declining mortgage yields have worked wonders for US housing market and also boosted home-builder confidence. NAHB-index increased in October to highest level since Feb-2018. Both sales expectations and potential buyers have increased. West coast leads improvement #macrobond
US retail sales declined in September after four months of impressive growth. Consumer confidence and household real income remain strong, and large banks have reported solid consumer business in Q3. This is probably a one-off and not a new trend #macrobond
ZEW current conditions index deteriorated further in October to the lowest level since 2009. Level points to annual decline in GDP. There are very few signs of the turnaround in German economy that most analysts expect in 2020. #macrobond
Total social financing in China increased more than expected in September, but quarterly growth still lower than last year - just as in Q2. While manufacturing PMI has increased last two months, credit impulse has not added more tailwinds to the economy #macrobond
IMF reduced the forecast for global growth to 3.0% this year and 3.4% next. US growth was actually adjusted upwards; IMF has regularly been surprised about the resilience of the US consumers. Asia ex-China also looks good #macrobond
