Production in Iran is tumbling as sanctions begin to bite OPEC+ only able to partly compensate for lower Iranian production…
Improvement in September economic sentiment (ESI) in the euro area was mainly driven by jump in optimism in France and Italy. Italian increase was particularly strong and across all sectors of the economy, including services. Italy and France could be positive surprises next year
Optimism in the German manufacturing sector jumped in September and reached highest level since mid-2018. New export orders and inflow of new work were strong and accelerating. Service sector was hit by renewed restrictions; consumer confidence also remained subdued in September.
Unsurprisingly, service PMI in France declined sharply in September as efforts to contain the coronavirus has led to renewed disruption in the service industry. Optimism in manufacturing increased slightly, but new orders declined in both sectors. Employment is still declining
Norwegian households traditionally spend a lot more money abroad than foreigners do in Norway. This year, most Norwegians spent the summer holiday at home. The huge deficit has largely disappeared, thus helping Norway to a quicker recovery. Not a new normal, but good for now
US retail sales increased less than expected in August with improvement driven by food service and drinking places rather than purchases of goods. The lockdown rebound is clearly losing steam as households remain hesitant to spend #macrobond