UK Economy: A Tiny Dip, Big No‑Brainer
Turns out the British pound‑owning economy had a wee wobble last month – GDP fell 0.1% in October after slumping in September. It’s like that one time you forget to put on your shoes and slip on the ice – a mild slip, but still worth noting.
But hey, the next three‑month snapshot tells a different story. A 0.1% positive growth rate, lifted by construction teams hammering away and services folks hustling. So, while the monthly figures looked a tad gloomy, the broader view sends a sigh of relief.
France Sees a Shake‑up
Across the Channel, France had its own drama. President Emmanuel Macron swapped out Michel Barnier and chose former Justice Minister François Bayrou as his new prime minister. A leadership shake‑up that could rewrite the playbook for French economic and political decisions in the months ahead.
Japan Lights Up the Market
In Tokyo, stock indices gave the market a gentle lift. The Nikkei 225 ticked up 0.97%, while the larger TOPIX rose 0.71%. Investors felt encouraged after China rolled out new fiscal moves and nudged its monetary policy just a smidge. Whispers that the Bank of Japan might push a rate hike to January 2025 (instead of December) gave the yen a bit of a headache, moving it into the 153 JPY per dollar range from last week’s 150.
Why the delayed hike? Because the BoJ can peek at two more inflation reports, a quarterly economic snapshot, and insights from regional managers – a full buffet of data to fine‑tune its strategy.
On the domestic front, Japan’s third‑quarter GDP grew 0.3% QoQ, beating the 0.2% consensus. At the same time, their tankan survey revealed that big manufacturers are feeling optimistic about business conditions.
China’s Markets Aren’t Exactly Spruced Up
Meanwhile, back in China, equity markets took a dip. The Shanghai Composite slid 0.36%, the CSI 300 plunged 1.01%, while the Hang Seng in Hong Kong enjoyed a modest 0.53% gain.
Investor mood was dampened by the Central Economic Work Conference’s lackluster policy pronouncements. The government touted a more proactive fiscal stance and hinted at a bumped budget deficit for 2025, but left the details fuzzy – a recipe for disappointment.
Adding to the gloom: inflation remains a sticky issue. The Consumer Price Index rose a modest 0.2% year‑over‑year in November, with core inflation nudging up just 0.3%.
Global Market Roller‑Coaster
- US: Nasdaq hits a record high while other major indexes were a bit shaky.
- Europe: Central bank rate cuts keep the markets in motion, but economic slowdown worries linger.
- Asia: Japan’s positivity contrasts with China’s wobbly performance, attuned to the new policy updates.
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