Morning Glory to Wilmington and beyond on this final day of November 2023.
First things
Inflation in the Euro Area slowed more than expected in November as the economy in Europe continues to retract, according to the latest data from Eurostat.
- Y-O-Y: Euro area annual inflation slowed to 2.4% in November, down from 2.9% in October and the lowest level since July 2021.
- M-O-M: Prices fell 0.5% from October, a big drop from the 0.1% increase last month and the biggest drop January 2020.
Beat The Street. Economists projected that price growth would only slow to 2.7% in November.
As we kick off the day here in the US of A we are awaiting our own inflation data. The Fed watched PCE index is expected to show price growth slowing to 3.0% in October thanks to a tiny 0.1% increase from September. If the projection is right this would be the lowest level since March 2021.
- Our data drop doesn’t end at 8:30 AM. Also at 8:30 AM we will get jobless data which is projected to rise slightly to 220k. Pending home sales are projected to fall 1.5% at 10 AM and at noon we will see if mortgage rates fall for the fifth straight week.
- We also will get the latest home prices data for Wilmington from Realtor.com
MORNING HEADLINES:
RIP: Henry A. Kissinger, the scholar-turned-diplomat who engineered the United States’ opening to China, negotiated its exit from Vietnam, and used cunning, ambition and intellect to remake American power relationships with the Soviet Union at the height of the Cold War, sometimes trampling on democratic values to do so, died on Wednesday at his home in Kent, Conn. He was 100…(NYT)
THE CHINA PROBLEM: China probably can’t fix its broken housing market without fixing the labor market and consumer confidence. But more exuberant consumers and a stronger labor market depend on a healthier housing sector, too. Until Beijing finds a way to square that circle, expect China’s subpar recovery to dribble on…(WSJ)