German confidence rose to an eight month high, while French composite index revised down to a three-month low

Dec 03, 2015 21:48 pm UTC| Commentary

German confidence rose to an eight month high, revised up on higher manufacturing PMIs, while French composite index was revised down to a three-month low. In Germany, composite PMIs were revised up to 55.2 (+0.3 point),...

Reserve Bank of New Zealand to cut its official cash rate by 25bps

Dec 03, 2015 21:29 pm UTC| Commentary Central Banks

The Reserve Bank of New Zealand is expected to cut its official cash rate by 25bps on Wednesday but such expectations are hardly unanimous. Governor Wheeler poured cold water on any minority thesis that the central bank...

Brazil Copom minutes – No constraint, but not yet ready to hike rates

Dec 03, 2015 18:29 pm UTC| Commentary Central Banks

The main message the Copom sends to market observers with todays minutes is that it can raise the interest rate despite the path of other macroeconomic policies. According to our interpretation, by doing so the board wants...

UK November Services and Composite PMIs: Services-led resilience holds for now

Dec 03, 2015 16:58 pm UTC| Commentary

The November Services headline PMI rose further by one point to 55.9, surprising to the upside well above forecast and the consensus expectations. Despite todays rebound, it is believed that the October-November average is...

ECB's Draghi runs into opposition

Dec 03, 2015 16:29 pm UTC| Commentary Central Banks

The ECB didnt ease monetary conditions as much today as President Draghi had hinted at. In particular, the ECB Council did not choose to increase the volume of monthly bond purchases or to drop the reference to a possible...

US Service sector expansion eases in November, but activity remains robust

Dec 03, 2015 16:21 pm UTC| Commentary

The Institute for Supply Management (ISM) non-manufacturing index declined by 3.2 points to 55.9 in November. The print was well below the consensus forecast, which called for the index to retreat to 58.0 from 59.1 posted...

ECB under-delivers as the euro area economy improves

Dec 03, 2015 16:08 pm UTC| Commentary

The package announced by President Draghi today was broadly in line with what economists had expected (including a 10bp depo rate cut, time extension of QE until at least March 2017, and inclusion of regional and local...