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A beige sort of day

| Posted by: Paul Donovan | Tags: Paul Donovan

  • No real surprises in the US presidential race. Markets can now refocus on the economy with the Fed's Beige Book due (amid signs of better pricing power).
  • China's credit rating outlook was cut to negative by one or another of the credit rating agencies (markets don't care which won). Chinese equities have shown their normal reverence for such events (they are rallying strongly).
  • Australian GDP was stronger than expected and Q3 was revised higher. Q4 net exports were flat, with the domestic consumer leading the growth story.
  • Europe has little of interest - Euro area PPI inflation is interesting in the detail but for some reason only economists seem to get excited about the important things in life like the domestic vs overseas PPI difference.