In a market wrap, analysts at ANZ Bank New Zealand Limited explained that US equities were up overnight after European bourses followed the bounce in Asian equities.
US ADP employment data came in above expectations, with the labour market continuing to tighten. Employment printed at 227k, up from 218k in September and compared with market expectations of 187k.
PMI a little lower:
US Chicago PMI came in at 58.4, down from 60.4 and compared with market expectations of 60. Employment and production rose at a faster pace over the month, but this was more than offset by slower new orders, inventory building, and order backlogs.
Euro-area core rising:
Euro area inflation came in bang on expectations at 2.2% y/y in October, up from 2.1% in September. Core inflation edged up to 1.1% y/y from 0.9% as inflation pressures gradually creep higher, while activity data has been on the disappointing side recently.
Candian GDP stronger:
Canada’s GDP came in better than expected at 0.1% m/m in August and 2.5% y/y, reaffirming the path of policy normalisation in Canada.