Chinese markets have closed for the day, with turnover on the shanghai Composite increasing to RMB339 billion, while the market was up 1% (1.2% for the A-Shares Top 50!) almost out of spite! Today will be another data-heavy day as things tend to be when quarterly data comes in. What do we have?
- Germany data at 8:55 am GMTon top of this for unemployment claims, expected to decrease by 4000 claims from the prior report.
- EU Money Supply (M3 and Private Sector Loans) at 9 am GMT. M3 is expected up 2.6% and PSLs are expected at -1%.
- EU Business and Consumer Confidence at 10 am GMT. Economic Sentiment survey expected at 100.3, Industrial- and Services Confidence expected down by 0.3 each from the prior period -5.1 and 4.4 respectively. Consumer confidence is expected to go down to -11.6 from -11.1.
- German Consumer Confidence is in at 12 noon GMT. Expected to be minimally up to 8.6.
- German CPI comes in at 1 pm GMT, expected to be marginally positive relative the prior period in MoM terms, but down to 0.6% YoY from 0.8%.
- On top of this, sometime this afternoon (in GMT times) OPEC is expected to provide a statement on what they are likely to do to deal with the current low oil prices. WTI is at least trading relatively low after pre-summit meetings failed to ensure price cuts at those times, and now the market is getting ready for binary outcomes later this afternoon.
Finally, to all of those of you who are too busy trading the markets on these developments and who are reading this – chances are you’re reading this from the US so a very Happy Thanksgiving to you! Lots of thanks for being the majority of readers on my blog, and finding it at all manners of times throughout the day, making analysis super difficult! I hope you get to enjoy above-expectation growth numbers as were released yesterday, and that you find things to be thankful for throughout the coming year, financially and personally. I know I can be a bit rough on valuation gaps sometimes, and would (for obvious reasons) like to see those flattened or reversed in the favour of Asia, but for the time being I’m thankful that there is a big country with a structural trade deficit growing above expectations!
Update: So far today, Europeans have had reasons to be thankful too!
Though the M3 and PSL data was marginally worse than expected, there were beats of expectations in Economic Sentiment (100.8) and Industrial Confidence (-4.0). Consumer confidence met lowered expectations, and German unemployment claims were down 14 000 claimants, with broad unemployment down to 6.6%! Looking promising at least!