Scant Overnight Change in Dollar or Share Prices and Minimal Data to Report

November 8, 2021

A 1.5% advance in the price of West Intermediate crude oil stands out from an otherwise dull session in financial markets. OPEC Plus failed to raise planned output in the face of rising global demand and elevated prices. Ten-year sovereign debt yields began the new week on a rising note.

Japan’s index of leading economic indicators dropped 1.6 index points to a 7-month low. The index of coincident indicators fell for a third straight time in September and was at a one-year low, prompting officials to downgrade its trend designation to “weakening” from “improving.”

A summary of the Bank of Japan’s recent Board meeting said a very accommodative monetary stance will continue to be necessary even when demand again picks up.

Japan’s customs trade balance swung to a deficit of JPY 483 billion in the first twenty days of October from a JPY 247 surplus a year earlier as imports grew almost three times faster than exports. Supply chain disruptions have been depressing exports and industrial production.

The Irish construction purchasing managers index bounced off September’s 5-month low of 56.3 to a 2-month high in October of 56.9 but was still well below 66.6 last June.

Euroland’s Sentix measure of investor sentiment rose to a 2-month high in November but excluding October’s reading was at its softest level since April.

On-year growth in Norwegian industrial production jumped to a 13-month high of 7.9% in September.

In the Czech Republic, by contrast, industrial production posted a second straight monthly drop of more than 3.0% to record its largest 12-month rate of decline (4.0%) in 15 months. Even so, the Czech jobless rate of 3.4% was at a year and a half low.

Switzerland’s jobless rate of 2.5% last month was at its post-pandemic low.

Indonesian consumer confidence jumped in October to a 19-month low, buoyed by lifted social restrictions.

Chilean consumer price inflation increased half a percentage point to an 82-month high in September of 5.3%.

Copyright 2021, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

 

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