ECONOMICS

Following weakness in the Manufacturing survey data, Services surveys were expected rebound in November, despite the plunge in 'hard' data seen in November.

S&P Global's Services PMI ticked up in November to 50.8 from 50.6 in October (flat from the flash print)

ISM's Services PMI beat expectations, rising from 51.8 to 52.7 (vs 52.3 exp) in November.

Source: Bloomberg

Under the hood, Employment rose less than expected; New Orders were (more…)

The chaotic time series of US Factory Orders was expected to swing to a big loss (-3.00% MoM) in October (data released today) after a big jump in September and big drop in July (and a big jump in June!).

However, factory orders tumbled even more than expected, down 3.6% MoM – the biggest drop since the COVID lockdowns (April 2020). September was also revised lower (making October's decline even worse) from +2.8% MoM to +2.3% MoM…

Source: Bloomberg

The big monthly (more…)

By Eric Peters, CIO of One River Asset Management

“I think the Chinese leadership at this juncture is overwhelmed by its internal challenges,” said Taiwan President Tsai Ing-wen.

“My thought is perhaps this is not a time for them to consider a major invasion of Taiwan,” she continued, and reasonable people across the planet prayed she’s right.

“This is largely because of the economic, financial and political challenges, but also because the international community has (more…)