Things to think about while America goes shopping
- The US is unofficially off in active pursuit of the American dream – the American dream apparently being discounted products that no one really wants to buy, but which must be bought because they are 25% off in price. Economists meanwhile will focus on things that matter (this does not include the bursting of the cryptocurrency bubble).
- "Final" German GDP is due for the third quarter. The data was negatively affected by the problems of the auto sector, and that will not change in revision. The evidence is that the economy is bouncing back quite quickly in the fourth quarter.
- UK Prime Minister May's latest mini-break in Brussels resulted in a political declaration which does an excellent job of saying everything and nothing on the UK-EU split. It says a bit of everything both sides want to hear, but as this is contradictory says nothing that can really be considered actionable.
- Chinese officials briefed a hope that the China-US meeting at the G20 goes smoothly. It may be a bit early to get out a celebratory chocolate cake. However, after a week starting with no APEC communique and US comments on trade contributing to (perhaps causing) equity losses, some calming comments are welcome.