Markit's flash composite Purchasing Managers' Index (PMI), which tracks manufacturing and services activity and accounts for more than two-thirds of the economy, rose to 54.9 from 54.2 in October - far above the 50 mark that separates growth from contraction for the 31st month running.
New export orders and employment rose to their highest readings in three months, suggesting demand from abroad remained strong despite broad concerns about the global economy. This has no doubt been fuelled by Euro weakness leading to German goods being cheaper for consumers outside of the Eurozone
There was also news out of the Eurozone that the European Stability Mechanism has approved the next 2bnEuro slice of bailout funding for Greece. With Greece having passed the necessary reforms in parliament last Thursday. It has also received 10bn Euro to recapitalise it’s banks.
Existing home sales for the US were 5.36M down from 5.55M the previous month. Although this is down from last month Sales were up 3.9 percent from a year ago. Despite the drop last month, sales held above their average for the year and are on track to record their best annual sales in eight years. Markit Manufacturing PMI for Nov was 52.6 down from 53.9 last month, the lowest level in 25 months. Domestic demand appears to be holding up well, but the sluggish global economy and strong dollar continue to act as dampeners on firms’ order book growth.
09:00 - EUR - German Ifo Business Climate
10:00 - GBP - Inflation Report Hearings
13:30 - USD - Preliminary GDP is expected to increase to 2%
15:00 - USD - CB Consumer Confidence
Daily Market Report - 25/11/2015