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Time to get sentimental

| Posted by: Paul Donovan | Tags: Paul Donovan

  • An unreliable economic measure, from a country known to produce unreliable economic statistics, did better than the unreliable consensus expected. Asian equities were happy. (China's manufacturing sentiment was better than expected, in other words).
  • Eurozone business sentiment has been judged to have done better than feared in the wake of the UK referendum, although four of the big five Eurozone economies do have political issues to contend with.
  • UK business sentiment data will be released. Media hysteria after the EU referendum has faded, which may help sentiment, but anecdotally UK businesses face higher costs and problems recruiting seasonal labor.
  • US unit labor costs are due, and help to assess domestic inflation pressures. Productivity data is also due, though productivity just represents the total of everything economists cannot explain.