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Euro-zone services PMI advanced in October
In the Euro-zone, the final services PMI rose to a level of 52.20 in October, compared to market expectations of a rise to 51.80. In the prior month, services PMI had registered to a reading of 51.60.
Euro-zone retail sales rose more than expected in September
In the Euro-zone, the seasonally adjusted retail sales advanced 3.10% on a YoY basis in September, compared to a revised advance of 2.70% in the prior month. Market anticipation was for retail sales to climb 2.50%.
German services PMI rose in October
In Germany, the final services PMI rose to a level of 51.60 in October, compared to a reading of 51.40 in the prior month. Markets were expecting services PMI to climb to a level of 52.50.
US non-farm business productivity surprisingly eased in 3Q 2019
In the US, the preliminary non-farm business productivity unexpectedly fell 0.30% on a QoQ basis in 3Q 2019. In the previous quarter, the non-farm business productivity had recorded a rise of 2.30%.
IMF cuts global growth forecasts for 2019 and 2020
The International Monetary Fund (IMF) slashed its global economic growth forecasts to 3.0% for 2019 to its slowest pace since the 2008 financial crisis and projected the global growth to improve to 3.4% for 2020. The IMF slashed the Euro-zone’s growth forecast to 1.2% for 2019 and 1.4% in 2020, from its earlier estimate of 1.3%, amid concerns over slowdown in the region’s manufacturing sector and global trade tensions. The IMF raised its growth forecasts for the British economy by 1.2% for 2019 and 1.4% for 2020.
