Hard hitting global and local news
3rd Quarter Advance GDP Estimate +1.5%; December Hike Odds Up to 46.5% The third quarter advance (initial) GDP estimate came in at 1.5% a bit under the Econoday Consensus of 1.7%, a bit over the Atlanta Fed GDPNow Forecast of 1.1%, and well below the Blue Chip consensus of 2.1%.
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Has the global economy stabilized in the last month? Of course not. Have the risks receded
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Read the original: Regional Fed Reports Five for Five in Contraction; Texas Region Worsening, Richmond Negative Again
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Reuters asks Why are Chinese Malls Closing if Consumption is Rising? Rising vacancy rates and plummeting rents are increasingly common in Chinese malls and department stores, despite official data showing a sharp rebound in retail sales that helped the world’s second-largest economy beat expectations in the third quarter. The answer to that apparent contradiction lies in the rising competition from online shopping and government purchases possibly boosting retail statistics.
China Renews Commitment to Global Easing Party; US Tightening by Force Fresh on the heels of an ECB announcement of more QE and the further lowering of the excess reserve rate already at -0.2%, China Nervously Joins Global Easing Campaign .
More here: IMF Prepared to Bless Yuan As Reserve Currency; Reason to Celebrate? Any Real Significance?
Those expecting more monetary madness were rewarded today when the ECB Opens the Door to December Stimulus as expected. The European Central Bank signalled it would expand its €1.1tn quantitative easing programme in December and cut its deposit rate should the slowdown in emerging markets threaten the eurozone’s economic recovery. The euro plunged 1.67 per cent against the dollar to $1.116 after Mario Draghi, the ECB’s president, said policymakers’ measures would need to be “re-examined†in December