Macro
The week affected by the US holidays did not bring much important macro data. Durable Goods Orders in the US surprised by rising by one percent (0.4% growth was expected) and New Home Sales also unexpectedly recovered, rising 7.5% in October to 632,000 (decline to 570,000 was expected) after falling 11% in September.
Preliminary US PMI data disappointed, both in the services and manufacturing sectors. In the service sector, PMI readings have been below 50 for several months, but in the manufacturing sector, the PMI fell below 50 for the first time since 2020, when the markets were paralyzed by the Covid-19 pandemic.
In the Euro Area, Germany and the UK, on the other hand, PMIs have seen unexpected growth after several months, both in the services and manufacturing sectors, but they are still below 50 for several months, marking a contraction and may be a sign that countries in Europe are heading into recession.